Standard Media Group to Acquire Citadel Stations in Providence, Rhode Island and Lincoln, Nebraska

NASHVILLE, Tenn. and BRONXVILLE, N.Y. —  Standard Media Group LLC (“Standard Media”) and Citadel Communications LLC (“Citadel”) jointly announced today that they have reached an agreement pursuant to which Standard Media will acquire from Citadel WLNE-TV, the ABC affiliate for the  Providence, RI – New Bedford, MA market (DMA 52) and KLKN(TV), the ABC affiliate for the Lincoln & Hastings-Kearney, NE market (DMA 105).

“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 Deb McDermott, Standard Media’s CEO.  “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. I am honored that Phil Lombardo has chosen us to take WLNE and KLKN forward.  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.”

 “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, Citadel’s CEO.  “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. 

Pillsbury Winthrop Shaw Pittman LLP acted as legal advisor to Standard Media in connection with this transaction. CobbCorp, LLC acted as exclusive financial advisor and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP acted as legal advisor to Citadel.