Saints' Benson Purchases New Orleans Fox Affiliate For $41M
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Benson Acquiring Fox Affiliate
In New Orleans For $41M |
Saints Owner Tom Benson will purchase WVUE-Fox, the team's primary local distribution net, for $41M, and he said that the acquisition "could be seen as an indicator that the Saints' long-term future in New Orleans is secure," according to a front-page piece by Dave Walker of the New Orleans TIMES-PICAYUNE. Benson: "This shows another commitment on our part. The old saying is, 'We're putting the money where our mouth is.'" The deal still requires FCC approval, but it is "expected to close late this summer." Benson said that NFL Commissioner Roger Goodell "has approved the deal." Benson: "He didn't see any problems from the NFL's standpoint. We got the attorneys to make sure we didn't have any problems." Walker notes the broadcast rights for Saints' preseason games "would appear to be a natural" for WVUE, but a Saints spokesperson said that the team recently extended its preseason coverage agreement with Cox Sports Television through 2010. Benson and Saints CFO Dennis Lauscha added that WVUE's "primary mission will not be to promote [Benson's] professional sports franchises." Benson: "This station was not bought for the Saints." But Benson added the Saints and the NFL "are an important part of it." Lauscha did say though the station is "going to be trying to help out the locals, giving the locals the content that they want. That's the agenda. It's not a Saints agenda. It's not a [AFL] VooDoo agenda. It's a local agenda" (New Orleans TIMES-PICAYUNE, 5/6). In San Antonio, William Pack reports other New Orleans-area investors were "expected to join Benson in the venture." With the deal, WVUE is set to become the only TV station in the New Orleans market "owned and operated by Louisiana interests" (SAN ANTONIO EXPRESS-NEWS, 5/6).
PART OF A BIGGER VENTURE: The SAN ANTONIO BUSINESS JOURNAL reported Benson is forming a new New Orleans-based company called Louisiana Media Co. LLC (LMC). Benson is positioning LMC to "become a global media group focused on the acquisition of radio and television stations and movie production houses." Benson also is "looking for partners in New Orleans that can serve as investors and further capitalize the media company" (BIZJOURNALS.com, 5/5).
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