Business

Saints owner Tom Benson to sell majority stake in TV station

Posted April 04, 2017 7:00 am

The Associated Press

NEW ORLEANS (AP) - New Orleans Saints owner Tom Benson says he plans to sell his majority stake in the city's Fox affiliate to Alabama-based Raycom Media.

The Advocate (http://bit.ly/2oA57vc ) reports financial terms of the deal were not disclosed Monday. Since 2013, Raycom has provided operational services for WVUE-TV under the control of Benson's Louisiana Media Co.

Benson - who also owns the NBA's Pelicans - plans to retain a minority stake in the station.

Benson bought WVUE from Indiana-based Emmis Communications Corp. for $41 million that he purchased in 2008. Under his ownership, the station has earned several journalism awards, including a George Foster Peabody Award and eight national Edward R. Murrow Awards.

Raycom owns or provides services for 63 television stations and two radio stations in 42 markets across 20 states.

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Information from: The Advocate, http://theadvocate.com

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