NEW: Channel 10’s Parent Company to Purchase Channel 12 and 64
Friday, March 21, 2014
Media General Inc's., (who owns WJAR-10) purchase of LIN Media (owners of WPRI-12 and Fox-64) will, in all likelihood, require the new combined corporate entity to divest one or two of the stations and sell them to new owners.
The purchase will consume the corporate office of LIN Media which is one of the few public companies located in Rhode Island. Similar deal in TV in the past year has resulted in substantial job loss via consolidation. Media General is located in Richmond, Virginia and will be the corporate headquarters of the new entity.
De facto, everything in local TV will be different in the next year if the deal is approved by federal regulators.
Accordingly, the purchase is considered to offer the combined entity better negotiating leverage with advertisers and cable providers.
LIN’s shareholders will receive stock/cash worth $27.82 a share -- 29% premium closing price of Thursday. Including debt of $968 million, the purchase would be valued at $2.6 billion, Media General and LIN said today in a statement.
Related Slideshow: Rhode Island’s Changing Media Landscape
Radio, print, television and digital - the faces in Rhode Islands's media has changed drastically over the past months... Let's take a look at some of the biggest moves:
The long-time publisher was Belo's man in Providence. Howard Sutton was the man that implemented the changes that Dallas wanted to try and make the company more efficient and more profitable.
The results were dismal. Maybe no newspaper in the country lost a higher precentage of ad revenue than the Projo over the past decade.
He was the face of the paper in the community.
Rick Daniels has joined GoLocal24 as Chief Operating Officer.
Daniels is the former President of the Boston Globe. He also served as CEO of Gatehouse Media for New England and led a consortium of investors who attempted to purchase the Boston Globe from the New York Times Company in 2013.
Daniels then went on to play a key role at Empirical Media Advisors based in New York, focused mainly on Tribune Publishing, where Emprical’s co-founder and CEO, Jack Griffin, recently took the role of CEO.
WLNE-TV has fired anchor Karen Meyers. She had been with the station since 2011.
Meyers had anchored the 6 p.m. and 11 p.m. news with John DeLuca. Sources say station management opted not to renew her contract and decided to go in another direction.
Before Meyers joined ABC6, she was a reporter/anchor with New England Cable News and was a reporter in Washington, DC.
According to RIPR reporter Ian Donnis, Providence Journal's Health Reporter is leaving. Felice Freyer has been the sole reporter covering Rhode Island's largest businss sector.
Freyer leaves for the Boston Globe.
Her departure follows Phil Marcelo who recently left the Projo for AP in Boston.
Editor's note: An earlier version incorrectly had RIPR reporter Scott MacKay as breaking the story.
Veteran radio reporter Flo Jonic recently was fired by RINPR after she filed complaints against the station for gender-based pay discrimination.
Jonic is a 30 year veteran of New England news radio.
In her charge filed in February, Jonic wrote, "I believe that I have been discriminated against based on my sex by my employer," and referred to the difference in her pay and that of RIPR reporter Ian Donnis.
"Currently, [reporter] Ian Donnis earns at least $75,000 a year, while I make $51,000 per year. We perform the same duties, and I have 32 more years experience than he does," wrote Jonic in her complaint.
After a seven year stint reporting for the Providence Journal's state house bureau, Phil Marcelo left the paper to take a reporting gig with the Boston office of the Associated Press.
Hailing from Long Island, New York, Marcelo came to ProJo in 2006, and covered everything from regional news, to Providence City Hall and the Statehouse. Marcelo's departure was first reported by WRNI's Ian Donnis.
Formerly a nightly news reporter for WJAR, Tremmel was fired from the "Team You Trust" after two clips, one of her performing on-air handstands, and the other offering tips on what to do during a bear attack, went viral.
The video became an internet sensation, but long-time Channel 10 newsman Jim Taricani called Tremmel’s antics “a smudge on our station's reputation.”
A long-time staple of Channel 10’s news team, Taricani announced plans to retire after over three decades with the station.
Taricani has won 5 regional Emmy awards, an Edward R. Murrow award for investigative journalism and a Prestigious Yankee Quill Award from the New England Newspaper Association.
He was convicted to six months in prison in 2004 for refusing to reveal a source, and is the youngest person ever to be inducted into the Rhode Island Hall of Fame.
Ron St. Pierre
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