Allbritton Communications will consider business alternatives for its seven...
Allbritton Communications will consider business alternatives for its seven ABC-affiliated TV stations and metropolitan Washington cable news channel that may include selling those businesses, the parent company said. The company may use the money to invest in Politico, Allbritton CEO…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
Robert Allbritton wrote. The company hired Moelis & Co. as a financial adviser and Paul Hastings and Dow Lohnes as legal counsel, it said in a Wednesday news release. A sale is possible because “demand” for TV properties is “high, given their strong and stable financial performance,” the CEO wrote. “There is an unmistakable trend towards consolidation in this industry, as the largest media groups see clear benefits in holding multiple properties.” He said his “plan is to use the resources and expanded mindshare that such a move would make available to increase my commitment to POLITICO.” His father, the late Joe Allbritton (CD Dec 14 p19), “bought the television stations some 30 years ago as part of a deal to get The Washington Star,” the son noted. “There is no chance, none, I will sell POLITICO as part of the deal.” The stations include WJLA Washington.