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| Pappas Telecasting Companies Announces Agreement to Purchase KDBC-TV, Channel 4, El Paso<
Pappas Telecasting Companies, the largest privately-held, commercial television broadcast group in the United States, announced today that it has entered into an agreement to purchase television station KDBC-TV/Channel 4 in the El Paso, Texas Designated Market Area (DMA) from KDBC-TV Limited Partnership, a subsidiary of Imes Communications, for $20 million in cash. The terms of the agreement provide that Pappas will begin operating KDBC immediately under a Time Brokerage Agreement (TBA); closing for the purchase of the station will take place on a date to be determined. Howard H. Shrier, Senior Executive Vice President and Chief Operating Officer of Pappas Telecasting's TV Station Group, will act as interim General Manager. Pappas will continue to operate KDBC as a CBS affiliate. KDBC was El Paso's first television station, having signed on in 1952. According to statistics from Nielsen Media Research, El Paso is the 101st-ranked DMA in the United States, with 276,330 television households and a population age 2 and above of 834,000. The City of El Paso's Department of Economic Development reports that personal income in the El Paso Metropolitan Statistical Area is forecast to reach $17 billion in 2007, while gross retail sales for 2002 grew to $6.8 billion, a 7.2 percent increase over 2001, easily surpassing the growth rate for Texas as a whole. BizVantage – All the Net, all the time, just for you. In making the announcement, Peter Chrisanthopoulos, President and Chief Operating Officer of Pappas Telecasting Companies, said, "This is another step in the continuation of our strategy of owning television stations in the Southwest, a region that is seeing dramatic population growth. KDBC was El Paso's first TV station, a CBS affiliate that has served the viewers of this area since 1952, and we're excited about adding to the station's tradition of excellent service to the community. Considering the number of stations that our company has constructed from the ground up and nurtured to maturity, the opportunity to own and operate a television station with such a rich heritage as that of KDBC seems fitting. We're also looking forward to continuing to offer the programming of the CBS Television Network." Mr. Shrier added, "We are very enthusiastic about the future of the El Paso area, and we believe that this market holds great challenges and opportunities for us. Our company's many strengths put us in an excellent position to build on the years of great service the Imes family has provided to El Paso. We are committed to doing all that we can to serve the community, its viewers, and our advertisers." The purchase of KDBC-TV is the latest of a series in Pappas Telecasting's initiatives in the southwestern United States. Within the past four years, Pappas has constructed television station KAZA-TV/Channel 54 in the Los Angeles DMA, has purchased KAZH-TV/Channel 57 in the Houston DMA, and has purchased KSWT-TV/Channel 13 in the Yuma-El Centro DMA. Company Profile Pappas Telecasting Companies is the largest privately-held, commercial television broadcast group in the United States in terms of U.S. Household coverage as defined by Nielsen Media Research. The company owns 20 market-leading Fox, WB, ABC, CBS, UPN and Azteca America affiliates, and operates three other stations pursuant to local marketing agreements, in all regions of the United States. Additionally, Pappas owns 10 on-air digital channels and operates three others under LMAs. The company holds construction permits to build 29 additional television stations, and has an option to purchase a construction permit for a full-power, five million watt station. According to statistics from Nielsen, Pappas Telecasting television stations serve 15% of all U.S. television households. In addition, the company owns or operates television stations in markets reaching 32% of U.S. Hispanic households and 35% of all U.S. Hispanic persons age 2+. In total, Pappas owns, operates, or is constructing stations in 24 Designated Market Areas. Contact: Mike Angelos Pappas Telecasting Companies 500 S. Chinowth Road Visalia, CA 93277 (559)733-7800 (559)733-7878 Fax
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