(RNN) – Raycom Media Inc. and Community Newspaper Holdings Inc. announced Tuesday that the two companies agreed to merge.
Under the merger agreement, which is expected to be completed on Sept. 29, CNHI will operate as a Raycom Media subsidiary, thus forming one of the country’s largest privately-owned media groups. Both companies' headquarters are currently located in Montgomery, AL.
Raycom Media owns or operates 65 television stations and two radio stations in 44 markets in 20 states. CHNI owns more than 110 newspapers, websites and niche publications in 22 states. In the seven markets where Raycom Media stations and CNHI newspapers overlap, the newspaper properties will be sold to a third party.
“This marks an important milestone in our history as we combine two award-winning media organizations with the common mission of delivering quality local news and information across print, broadcast and digital platforms,” said Donna Barrett, president and CEO of CNHI.
Pat LaPlatney, president and CEO of Raycom Media, said the merger will strengthen both organizations’ local journalism while monetizing growth and serving the audience.
“While it is contrary to the trend of separating newspapers and television properties, we believe the synergies this merger creates will only enhance our ability to deliver exceptional local content, extend our community presence and grow our respective multimedia footprints,” LaPlatney said.
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