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MONTGOMERY, Ala. (AP) — Two media organizations that own dozens of newspapers and television stations across the nation are announcing a merger.
Community Newspaper Holdings Inc. and Raycom Media Inc. have agreed to merge into a new privately owned media group, CNHI said in a statement Monday.
Both companies are based in Montgomery, Alabama, and are financed by the Retirement Systems of Alabama, which manages pension funds for state employees.
CNHI owns more than 110 newspapers, websites and publications in 22 states.
Raycom Media owns or operates 65 television and two radio stations in 20 states.
Under the merger agreement, CNHI will operate as a Raycom Media subsidiary.
The merger is expected to be completed Sept 29.
In seven cases where markets for Raycom Media broadcast stations and CNHI newspapers overlap, the newspaper properties will be sold to a third party, CNHI said in the statement.
"Quality local journalism is the foundation of Raycom Media and CNHI," Raycom President and CEO Pat LaPlatney said in the statement. The two said the merger will help both companies strengthen their local content and their finances to ensure "future growth and superior service to our clients and audience."
Donna Barrett, president and CEO of CNHI, said the merger "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."
Raycom's stations cover more than 16 percent of U.S. television households. Most of its stations in are in southern states, but it also owns stations in Ohio and Indiana and as far west as Honolulu, Hawaii.
Among CNHI's largest newspapers: The Eagle-Tribune of North Andover, Massachusetts; The Joplin Globe in Missouri; and The Tribune-Democrat of Johnstown, Pennsylvania.
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