KY3, KSPR close sale after years of talks

The two Springfield companies have signed a definitive agreement that allows Perkin Media to acquire the Federal Communications Commission assets of KSPR and KY3 to acquire all non-FCC assets.

The transaction is pending regulatory approval but is expected to be complete in first-quarter 2007, said Bill Perkin, CEO of Perkin Media.

Perkin’s company stepped into the purchase agreement because KY3 is prohibited from owning two FCC licenses in the same market. Under the agreement, KY3 will control all news and sales aspects of KSPR, and Perkin Media will sign off on programming and lead administrative operations.

“It’s an exciting opportunity for both,” Perkin said, adding that KY3’s access to resources such as state-of-the-art equipment and outside news consultants will be a benefit to KSPR.

“(Viewers) will see improvement in the news.”

Perkin said talks of the sale had been ongoing for a couple of years, but he declined to disclose the sale price.

KY3, an NBC affiliate, has about 125 employees, and KSPR, an ABC affiliate, has roughly 60 employees, the majority of which were expected to stay on board under the new management.

KY3 Inc. is a subsidiary of South Bend, Ind.-based Schurz Communications.