General entertainment cable network INSP, through its affiliate Imagicomm, has acquired television stations in twelve markets from Cox Media Group, a media company. The acquired stations are broadcast in areas including Greenwood, Idaho Falls, and Medford.
Imagicomm Communications is responsible for the ownership and management of broadcast-related functions for INSP, including content distribution in the broadcast environment, station ownership, oversight, and development. INSP is an entertainment cable network that is available nationwide to more than 62 million households.
Cox Media Group provides local content to viewers in the communities in which it serves and its portfolio includes primary affiliates of ABC, CBS, FOX, NBC, Telemundo and MyNetworkTV. The firm’s operations include 31 television stations in 20 markets, 53 radio stations in 11 markets, and numerous streaming and digital platforms.
“These are important local journalism and community service brands powered by incredible media professionals and journalists who work tirelessly to inform, entertain, and elevate the communities they serve,” said CMG’s CEO Dan York. “We are pleased to advance the strategic evolution of our portfolio, are proud of our team members at these stations, and are confident they will continue to excel in their important work as part of the Imagicomm / INSP family.”
Truist Securities served as financial advisor to INSP and Imagicomm Communications in connection with the transaction and is acting as lead arranger on the debt financing. Davis Wright Tremaine served as lead M&A counsel to INSP and Imagicomm Communications, and Bradley Arant Boult Cummings served as their financing counsel. Moelis & Co. and LionTree served as financial advisors to Cox Media Group, and it was represented on the transaction by Davis Polk & Wardwell, with Cooley and Morgan Lewis & Bockius serving as special regulatory counsel.