Brooks Pierce partners Coe W. Ramsey, Elizabeth Spainhour and Tony Barwick represented Lockwood Broadcast Group in its acquisition of four television stations located in Knoxville, Tennessee, Augusta, Georgia, Panama City, Florida, and Dothan, Alabama. The transaction, valued at $67 million, closed Jan. 2, 2019.
The four stations were acquired as a result of the $2.1 billion merger between Gray Television, Inc. and Raycom Media. The merged entity was required to divest stations in certain overlap markets to gain regulatory approval. The acquisition of these four stations doubled the size of Lockwood Broadcast Group’s television footprint.
Brooks Pierce’s representation was comprehensive, providing advice and counsel throughout the mergers and acquisitions process, real estate and financing matters, and regulatory review by both the Federal Communications Commission and the U.S. Department of Justice.