Raycom Media, CNHI announce merger
Raycom Media Inc. and Community Newspaper Holdings Inc. have agreed to merge, forming one of the nation's largest privately owned media groups.
Raycom Media owns or operates 65 television and two radio stations covering 44 markets in 20 states. CNHI owns more than 110 newspapers, websites and niche publications in 22 states.
Under the merger agreement, CNHI will operate as a Raycom Media subsidiary.
"Quality local journalism is the foundation of Raycom Media and CNHI. This transaction will strengthen both organizations' local content-generation efforts, as well as monetization capabilities, while positioning the combined entity for future growth and superior service to our clients and audience," said Pat LaPlatney, president and CEO of Raycom Media.
"This marks an important milestone in our history as we combine two award-winning media organizations with the common mission of delivering quality local news and information across print, broadcast and digital platforms," said Donna Barrett, president and CEO of CNHI.
"While it is contrary to the trend of separating newspapers and television properties, we believe the synergies this merger creates will only enhance our ability to deliver exceptional local content, extend our community presence and grow our respective multimedia footprints," added LaPlatney.
The merger is expected to be completed on Sept. 29. In seven cases where markets for Raycom Media broadcast stations and CNHI newspapers overlap, the newspaper properties will be sold to a third party.
Raycom Media stations and CNHI newspapers have received numerous national, regional and state honors for news coverage and programs including the Society of Professional Journalists' Sigma Delta Chi Awards, Peabody Awards, Dupont-Columbia University Awards for investigative reporting and hurricane coverage, and Edward R. Murrow Awards for public service, investigative reporting and breaking news coverage.