Company Town
Television: Savoy Pictures Entertainment said it has agreed to purchase three more TV stations from Burnham Broadcasting Co. through a joint venture formed earlier this year with Fox Television Stations Inc. The venture, called SF Broadcasting, has agreed to pay $229 million for WVUE in New Orleans; WALA in Mobile, Ala., and KHON in Honolulu, which also boasts a video-film production facility. Last month, SF Broadcasting agreed to its first station purchase with a deal to buy WLUK in Green Bay, Wis., for $38 million, also from Burnham. Under terms of the joint venture, Savoy will own 74% of the stations. Savoy, formed in 1992 as an independent movie company, has raised nearly $400 million in capital and searched for diverse investments. SF Broadcasting said it plans to switch the stations’ affiliation to the Fox network. Savoy shares closed at $11.875 on Thursday, down 12.5 cents, in Nasdaq trading.
More to Read
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.