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QUINCY â The Quincy Herald-Whig and Hannibal Courier-Post have been sold to Phillips Media Group LLC, headquartered in Arkansas. The sale is expected to close with Phillips becoming the new owner on Monday, March 1.
The announcement was made by Quincy Media Inc. President and CEO Ralph M. Oakley and Phillips Media Group President Jim Holland in a news release Friday. The sale ends the almost 95 years of publishing The Herald-Whig by Quincy Media Inc., which changed its name from Quincy Newspapers Inc. in 2016. QMI purchased the Hannibal Courier-Post in 2019.
âThe newspaper business is changing dramatically,â Oakley said in the release. âThat, along with our decision to leave the media business entirely is the driving force in this decision.â
By THE ASSOCIATED PRESS
QUINCY â The Quincy Media Inc. board of directors has announced shareholder approval of a $925 million cash purchase offer for the companyâs television and radio properties â including WGEM AM-FM-TV â from Gray Television Inc., a public media company headquartered in Atlanta.
The sale, which is subject to federal regulatory approvals, is expected to close later this year, a release issued Monday morning said.
The sale includes all of the companyâs television and radio properties, which serve 16 markets, but does not include The Herald-Whig or Hannibal Courier-Post newspapers, which are being sold separately.
âThis was a difficult decision for our Board of Directors and shareholders,â said Quincy Media President and CEO Ralph M. Oakley, who also is a board member. âWe have always put community service first and have served our viewers, listeners and readers with the best in news and public service. We have also taken
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The market is undergoing enormous consolidation, with a few station giants including Gray, Sinclair, Nexstar, Meredith and Byron Allen’s Entertainment Studios as buyers.
The local television business is a hot commodity again. With the 2020 election (and the advertising windfall that accompanied it) in the rearview mirror, owners of local TV stations are once again weighing to get bigger, or sell to the highest bidder.
The first major deal of 2021 comes via Gray Television, led by CEO Hilton Howell Jr., which announced a $925 million deal to acquire Quincy Media, led by president and CEO Ralph M. Oakley, a regional station owner that mostly operates in the Midwest United States.