A New York-based media group backed by private equity money has signed a deal to buy Nashville market leader NewsChannel 5 from Landmark Communications.
The deal will land Bonten Media Group its 17th TV station. Its other properties are in smaller markets from California to North Carolina, including three in the Tri-Cities area.
Terms of the agreement, which is being funded by equity from Diamond Castle Holdings and debt from Lehman Brothers, are not being disclosed. Lehman also advised Landmark on the deal.
"This acquisition reflects our confidence in the future of WTVF in particular and of local television in general," said Randy Bongarten, chairman and CEO of Bonten and former president of Emmis Television.
Landmark in January said it would sell NewsChannel 5 and its Las Vegas station in addition to the Weather Channel. The company last week signed a deal to sell the latter to NBC Universal, a unit of General Electric.