Freedom Communications Hopes to Buy 2 TV Stations
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IRVINE — Freedom Communications Inc. said Tuesday that it has tentatively agreed to buy two Michigan television stations for $170 million in cash, bringing the total number of stations it owns to eight.
Freedom, which also publishes the Orange County Register and 26 smaller daily newspapers nationwide, said it hopes to complete the transaction with Granite Broadcasting Corp. by midyear, pending approval by federal regulators and the boards of both companies.
New York City-based Granite, which now owns 11 television stations, will sell its WWMT-TV in Grand Rapids, a Columbia Broadcasting System network affiliate, and WLAJ-TV in Lansing, an American Broadcasting Cos. affiliate.
Granite said it will use the proceeds to pay for its pending deal to acquire Pacific FM Inc., the owner of KOFY-TV in San Francisco, for $173.8 million.
Freedom owns WPEC-TV (CBS) in West Palm Beach, Fla.; WRGB-TV (CBS) in Albany, N.Y.; WTVC (ABC) in Chattanooga, Tenn.; WLNE-TV (ABC) in Providence, R.I.; KFDM-TV (CBS) in Beaumont, Texas; and KTVL (CBS) in Medford, Ore.
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