Raycom Media, Community Newspaper Holdings announce merger – STLtoday.com
MONTGOMERY, Ala.Â â¢ Two media organizations that own dozens of newspapers and television stations around the nation plan to merge.
Community Newspaper Holdings Inc. said in a statement Monday that it and Raycom Media Inc. have agreed to combine into a new privately owned media group.
Montgomery, Ala.-based CNHI owns more than 110 newspapers, websites and publications in 22 states. In Missouri, the company owns the Joplin Globe; in Illinois, it owns the Commercial News in Danville and the Effingham Daily News, as well as several weekly papers.
In Missouri, Raycom owns KFVS (Channel 12), the CBS affiliate serving the Cape Girardeau area.Â
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.
Both Raycom and CNHI are financed by the Retirement Systems of Alabama.
“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.
In addition to the Joplin newspaper, CNHI’s largest newspapers are The Eagle-Tribune of North Andover, Mass., and The Tribune-Democrat of Johnstown, Pa.