Northern Lights Media announces acquisition of Fairbanks television stations
$8 million to Tanana Television and Chena Broadcasting
ANCHORAGE – Northern Lights Media (NLM), operator of Anchorage-based KTUU-TV and Channel 2 News, today announced the acquisition of the local NBC (KTVF), CBS (KXD) and Fox (KFXF) television affiliates in Fairbanks from Tanana Valley Television Co. and Chena Broadcasting Co. for $8 million in cash.
Through the acquisition of the Fairbanks stations, NLM will be able to better serve Alaska viewers, businesses, and local institutions across its Anchorage television stations (KTUU and KYES) and the new Fairbanks stations. The transaction is subject to regulatory approval, and the parties anticipate closing the transaction in the coming months.
Northern Lights Media General Manager Andy MacLeod explained that the acquisition is about improving content across all of the stations.
“This deal makes sense on a number of levels,” MacLeod said. “We think very highly of these television stations and share many of the same values. They have strong local brands and, like us, are committed to delivering timely independent news and information to Alaskans. They have earned a deep bond with their communities and viewers, and we are excited to partner with them.”
“Our stations are a natural fit with NLM and KTUU,” said Bill St. Pierre, the owner/operator of Tanana Television and operator of Chena Broadcasting. “Our roots run deep in Alaska, and we both share the vision of community service and a commitment to being a trusted and independent news source.”
The purchase will allow KTUU to increase its coverage of Interior Alaska. It also will enable NLM to provide Fairbanks area viewers with access to KTUU Channel 2 News resources across the state, including rural Alaska, its Juneau legislative bureau and its news bureau in Washington, DC.
“These stations are the news leaders in Fairbanks, and we’ll be looking for ways to add to their achievements and improve upon the success they’ve already earned,” MacLeod said. “We are excited to expand our coverage of the Interior for southcentral Alaska and statewide viewers.”
NLM is locally operated. Its parent company, Gray Television, Inc., owns over 40 number-one ranked, locally operated television stations across the country.
KTUU-TV’s early beginnings date back to 1953. Over the ensuing decades, the station has built a reputation of excellence as Alaska’s most watched news source, producing 19.5-hours of news and sports content each week on television. Online, KTUU.com has become a digital news leader, and Channel 2’s mobile News and Weather applications are on the leading edge of mobile journalism in Alaska. This strong reach and brand loyalty are augmented by added distribution to the state’s capital and more than 244 rural communities throughout Alaska. KTUU-TV also operates KYES, Channel 5, and the Justice Network, Channel 2.2.