Standard Media Group LLC and Citadel Communications LLC jointly announced Thursday, that Standard Media to is going to acquire two of Citadel’s ABC Affiliates One in Lincoln, KLKN TV, and one in Providence Rhode Island.
“We are excited to work with the talented teams in Lincoln and Providence to grow the business with a strong focus on high quality local news,” said Deb McDermott, Standard Media’s CEO.
Standard Media released a statement saying they are looking at this agreement as a step in creating a new competitive player in the TV industry. McDermott, who says she has been a long time friend of Citadel Communication’s CEO Phil Lombardo, was honored to be leading KLKN into the future and recognized Lombardo’s contributions to the broadcast community.
Lombardo believes Standard Media will grow the stations saying “I am confident that our deal will serve as a catalyst for Standard Media’s plans to build a new, large station group.”
The transaction is subject to regulatory approval and other customary closing conditions. The transaction is expected to be completed in the fourth quarter of this year.
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