RNN REACHES AGREEMENT TO INCREASE PERMANENT DISTRIBUTION PLATFORM TO 28 PERCENT OF THE US WITH NRJ PURCHASE
Rye Brook, New York (December 9, 2019) – RNN National Media Group (RNN) announced today that it has reached an agreement to purchase 7 full power and one Class A station from NRJ for an undisclosed amount. The stations are KSCI-TV in the Los Angeles DMA, WTVE-TV and WPHY-CD in the Philadelphia DMA, KFWD-TV in the Dallas-Ft. Worth DMA, KUBE-TV in the Houston DMA, KCNS-TV in the San Francisco-Oakland-San Jose DMA, WMFP-TV in the Boston DMA and KIKU-TV in the Honolulu DMA.
The NRJ stations complement RNN’s licenses in the New York, Philadelphia, Washington DC, and Boston DMAs. With this purchase, RNN will operate in 8 of the top 10 TV markets covering more than 28 percent of the country and over 86 million people, ranking it as the largest group of independent stations and among the 10 largest broadcasters by reach in the United States.
“This is a milestone for our company. We are looking forward to operating our newly expanded, national presence,” commented Richard French, Jr., CEO and President of RNN. Edward Van Saders, Chief Strategy Officer of RNN noted, “With a foothold of permanent, must-carry distribution, we will activate our entrepreneurial core around award winning content creation as we continue to invest in an efficient, national operation.”
We anticipate the transaction will close in the first quarter of 2020 following receipt of customary regulatory and other approvals.
Guggenheim Securities, LLC served as exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP and Cooley LLP served as legal advisors to RNN.
Moelis & Company served as financial advisor and Greenberg Traurig, LLP served as legal advisor to NRJ.