Standard Media set to acquire ABC affiliates | Broadcast | News | Rapid TV News
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In a move indicative of the ongoing broadcast acquisition frenzy in the US, Standard Media Group is to buy WLNE-TV, the ABC affiliate for the Providence, RI, and KLKN, the ABC affiliate in Nebraska, from Citadel Communications.

CRB NEWS 17may2019“We are excited to work with the talented teams in Providence and Lincoln to grow the business with a strong focus on high-quality local news,” said Deb McDermott,  Standard Media CEO. “We look at this acquisition as the first of many as we work to create a new competitive player in the consolidating broadcast TV industry. I am honoured that Phil Lombardo has chosen us to take WLNE and KLKN forward. He has been a long-time friend and mentor to me, and his contributions to the broadcast industry have truly helped to make it what it is today.”

Phil Lombardo, Citadel CEO, added, “It is gratifying to sell our remaining ABC stations to someone with whom I have enjoyed a long professional relationship, and who also has unique experience and insights in both markets. I am confident that our deal will serve as a catalyst for Standard Media’s plans to build a new, large station group.”

The transaction is expected to be completed in the fourth quarter of this year. It’s the latest media transaction for the US broadcast sector which ended 2018 on a merger and acquisition high with M&A volume reaching $4.31 billion in the fourth quarter .