London Broadcasting Company has announced a deal to acquire
KIII Corpus Christi. KIII is an ABC affiliate airing in south Texas.
KIII is the market leader in DMA No. 129, according to
BIA/Kelsey, pulling in over $10 million last year. It was owned by the McKinnon
family; the formal ownership name was Texas Television.
The sale
price was $31.3 million.
The acquisition would mark London Broadcasting's fourth Texas station. Executive VP/COO Phil Hurley said the company is seeking to establish a statewide network to share content on the stations' subchannels. "We really only have interest in Texas markets," he said. "Our whole philosophy is to develop stations in Texas."
"Channel 3 is an outstanding station and market
leader," said London President Terry London in a statement. "As the McKinnons
have done for over 45 years, we are committed to continue to serve South Texas faithfully and honestly. We are a
Texas-based broadcaster focused only on the State of Texas."
The transaction is subject to FCC approval and is expected
to close before Aug. 31.
Londonclosed on a deal for KBMT Beaumont
from the McKinnon family in the summer of 2009.
