Norman Lear’s Act III to Sell TV Stations for $500 Million
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Film and television producer Norman Lear agreed Wednesday to sell the eight television stations controlled by his entertainment company for more than $500 million.
Boston-based buyout firm ABRY Broadcast Partners II will buy New York-based ACT III Broadcasting, which owns the Fox Broadcasting Co.-affiliated stations, in a deal scheduled to close in the fourth quarter, a statement said. The deal requires Federal Communications Commission approval.
Lear, the 72-year-old producer of such television shows as “All in the Family,” “Maude” and “The Jeffersons,” owns just under 60% of ACT III Broadcasting through his Los Angeles-based ACT III Communications, of which he is sole stockholder. The balance of ACT III Broadcasting is held by institutional investors, employees and directors.
Seven of the eight stations are also affiliates of the fledgling United Paramount Network. These are WUTV-TV (Buffalo, N.Y.); WRGT-TV (Dayton, Ohio); WRLH-TV (Richmond, Va.); WVAH-TV (Charleston-Huntington, W.V.); WNRW-TV (Greensboro, N.C.); WUHF-TV (Rochester, N.Y.), and WTAT-TV (Charleston, S.C.). The eighth station is Nashville, Tenn.’s WZTV-TV. (The Greensboro station is switching its primary affiliation to ABC in September.)
Lear and the investors are selling the stations to take a profit and so that he can focus on other unspecified projects, a Lear spokesman said.
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