US media group Viacom is reportedly closing in on a near-$600 million deal to buy Los Angeles independent TV station KCAL from Young Broadcasting.
Should the acquisition go through, Viacom – America’s second largest TV station owner – would gain a second broadcaster in LA alongside KCBS, an affiliate of its CBS network.
Young has been keen to make a sale, having landed in financial bother after its $823m purchase of San Francisco’s KRON, a station that has since been dropped as an NBC affiliate. The two firms are thrashing out the details of the deal, say sources, with an announcement expected imminently.
It is unclear whether Viacom intends to maintain KCAL’s independence or make it an affiliate of its UPN network, currently serviced in the area by NewsCorp’s KCOP.
Data sourced from: MediaWeek.com (USA); additional content by WARC staff