Citadel Communications agrees to sell ABC6 to Standard Media Group
PROVIDENCE, R.I. (WLNE) - Citadel Communications has agreed to sell two of its television stations, WLNE-TV ABC6 and KLKN-TV in Lincoln, NE to Standard Media Group for $83 Million.
Standard Media is led by Deb McDermott, CEO and Stan Knott, COO. McDermott previously served as the COO of Media General and CEO of Young Broadcasting.
“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 McDermott. “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.”
“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,” said Phil Lombardo, CEO of Citadel Communications. “I am confident that our deal will serve as a catalyst for Standard Media’s plans to build a new, large station group.”
The sale is subject to regulatory approval, and Citadel and Standard Media say that the transaction is expected to be completed in the fourth quarter of this year.
“I am honored that Phil Lombardo has chosen us to take WLNE and KLKN forward,” said McDermott. “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.”
©WLNE-TV / ABC6 2019