Heritage Media Corporation (NYSE: HTG) was a media company which owned television and radio stations across the United States, as well as in-store and direct marketing companies. It was based in Dallas from 1987 to 1997.
| Type | Public |
|---|---|
| NYSE: HTG | |
| Industry | Television, radio, marketing |
| Predecessor | Heritage Communications |
| Founded | August 1987 |
| Founder |
|
| Defunct | August 20, 1997 |
| Successor | |
| Headquarters | , U.S. |
Area served | United States (nationwide) |
| Revenue |  $10 billion USD (1996) |
History
editHeritage Media was founded in August 1987[1] by a group of Heritage Communications executives to acquire the company's television and radio stations.[2] The sale coincided with Heritage Communications' merger with Tele-Communications Inc.;[2] at the time, Federal Communications Commission (FCC) regulations did not allow a company to own both a television station and a cable system in a market.[3] Heritage Communications had acquired the stations through the 1985 purchase of Dakota Broadcasting[4] and the 1986 acquisitions of Rollins Communications[5] and six LIN Broadcasting radio stations.[6] Heritage Media's president and chief executive officer, James M. Hoak Jr., held the same positions with Heritage Communications; the company's headquarters were located in Des Moines, Iowa (where Heritage Communications was based), until later in 1987, when it relocated to Dallas, Texas.[7]
Heritage Media managed its television stations with more of an emphasis on cash flow than ratings, and focused its radio group on stations that it felt needed a turnaround (for instance, it had acquired KKSN AM-FM in Portland, Oregon, out of bankruptcy). To implement this strategy, the company's stations operated with large sales staffs but were otherwise staffed sparingly. Heritage Media went public in September 1988, trading on the American Stock Exchange. By then, it had invested in POP Radio, an in-store radio company, and Du-Kross Media, which sold advertisements on shopping carts.[1] In 1989, Heritage Media purchased Actmedia, a in-store marketing company.[8] In 1996, the company merged with DIMAC Corporation, a direct marketing services company.[9] On July 15, 1996, Heritage Media moved its stock listing to the New York Stock Exchange.[10]
News Corporation announced on March 17, 1997, that it would acquire Heritage Media for $754 million. The purchase was mainly for the Actmedia and DIMAC subsidiaries, and News Corporation immediately announced its intention to sell Heritage Media's broadcast properties; News Corporation's Fox Television Stations subsidiary was already at FCC ownership limits, and the company had no interest in operating radio stations.[11] On July 16, 1997, Sinclair Broadcast Group announced that it would acquire the Heritage Media stations for $630 million.[12] The sale to News Corporation was completed on August 20, 1997;[13] Heritage Media's stations were then transferred to a trustee, with Sinclair assuming control of the stations in stages from January 29, 1998,[14] to July 1998.[15] Actmedia was folded into News Corporation's News America Marketing subsidiary.[16]
Former stations
edit- Stations are arranged in alphabetical order by state and city of license.
- 1 2 Owned by a third party and operated by Heritage Media.
- ↑ Known as KRJY prior to 1994.
- ↑ Known as WIL prior to 1991.
- ↑ Known as WOFX prior to 1995.
- ↑ Known as KXYQ-FM prior to 1995.
- ↑ Known as KPRM-FM prior to 1995 and again in 1996, and as KCIN-FM from 1995 to 1996.
- ↑ Known as KRPM prior to 1991 and again in 1995.
- ↑ Known as WEZW prior to 1995.
References
edit- 1 2 "Heritage's Hoak and his vision of success" (PDF). Broadcasting. November 14, 1988. pp. 64–5. Retrieved May 2, 2017.
- 1 2 "Heritage Stockholders Approve Buyout By Tele-Communications Inc". Associated Press. June 30, 1987. Retrieved May 2, 2017.
- ↑ "Heritage receives $835-million buyout bid" (PDF). Broadcasting. February 9, 1987. pp. 48–9. Retrieved May 2, 2017.
- ↑ "Changing Hands" (PDF). Broadcasting. March 18, 1985. p. 86. Retrieved May 2, 2017.
- ↑ "Rollins family selling control to Heritage for $260 million" (PDF). Broadcasting. May 19, 1986. pp. 85–6. Retrieved May 2, 2017.
- ↑ "Changing Hands" (PDF). Broadcasting. November 10, 1986. p. 92. Retrieved May 2, 2017.
- ↑ "Bottom Line" (PDF). Broadcasting. October 12, 1987. p. 85. Retrieved May 2, 2017.
- ↑ Rabinovitz, Jonathan (August 18, 1991). "All About/In-Store Promotions; Influencing Shoppers During the Moment of Decision". The New York Times. Retrieved May 2, 2017.
- ↑ "Heritage Media Corporation Form 8-K/A" (TXT). EDGAR. Securities and Exchange Commission. March 7, 1996. Retrieved May 2, 2017.
- ↑ "Heritage Media Corporation Form 10-Q" (TXT). EDGAR. Securities and Exchange Commission. August 14, 1996. Retrieved May 4, 2017.
- ↑ Fabrikant, Geraldine (March 18, 1997). "News Corporation Buying Heritage Media of Dallas". The New York Times. Retrieved May 2, 2017.
- ↑ "Sinclair to buy Heritage radio and TV stations". The New York Times. Reuters. July 17, 1997. Retrieved May 4, 2017.
- ↑ "News Corp. closes Heritage Media buy". Variety. August 21, 2017. Retrieved May 4, 2017.
- ↑ "Sinclair Broadcast Group, Inc. Form 10-K" (TXT). EDGAR. Securities and Exchange Commission. March 30, 1998. Retrieved May 4, 2017.
- ↑ "Sinclair Broadcast Group, Inc. Form 10-K" (TXT). EDGAR. Securities and Exchange Commission. March 30, 1999. Retrieved May 4, 2017.
- ↑ "More High-Tech, Still High-Touch". PROMO Magazine. July 1, 1998. Archived from the original on November 18, 2006. Retrieved May 4, 2017.