Meredith Corp Buys WGGB Springfield

Gormally Broadcasting today announced the sale of WGGB-TV ABC 40 & WGGB-DT2 FOX 6 Springfield to the Meredith Corporation.

Meredith currently owns WSHM CBS 3 in Springfield, as well as powerhouse WFSB CBS 3 in Hartford, CT.

When asked what brought about the sale, Gormally said in a phone interview with MassLive.com on Wednesday, "Sometimes the hunter becomes the hunted."

 

The media entrepreneur said he was interested in purchasing other media outlets, but found it difficult to compete with large broadcasters.

 

Of the sale of WGGB-TV properties, Gormally believes both sides are winners. "I think it is a positive. Meredith is a top notch broadcasting company."

 

Meredith is a 104-year-old media company based in Des Moines, Iowa. Though the corporation is best known for their print media brands, including Better Homes and Gardens and Fitness Magazine, in recent months it has been expanding its foothold into broadcast television.

 

Including the purchase of ABC40/FOX 6, Meredith will own 18 broadcast stations, located from Springfield to Vancouver, Wash.

 

Citing confidentiality agreements regarding the sale Gormally said he couldn't disclose the purchase price of WGGB-TV.

 

In 2007, he purchased ABC40 and invested significant sums into new equipment and facilities for the station. "We really rebuilt it from the ground up," Gormally told MassLive. Soon after, he launched FOX6 on a subchannel of WGGB, the fourth television station in the Springfield market.

 

During his ownership, the station was named Associated Press News Station of the Year in both 2013 and 2014. ABC40 also won a 2014 AP award for Breaking News Videography for their coverage of a fire on Chase Avenue in Springfield.

 

Gormally said he is proud of what the station has accomplished under his ownership and that he expects no changes to take place "other than the continued pursuit of excellence in local broadcasting under new ownership."

 

While the sale agreement has been signed by both parties, the sale is subject to FCC approval, which Gormally expects to be approved this summer.