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Company ready to buy KGBT-TVBy BILL HETHCOCK Valley Morning StarHARLINGEN — South Carolina-based Cosmos Broadcasting Corp. on Monday announced plans for a $42 million purchase of KGBT-TV of Harlingen, the Valley’s CBS affiliate.In an interview at the station Monday, Cosmos Broadcasting President Jim Keelor said viewers won’t see any immediate changes.“Viewers and advertisers should not know a change has occurred,” he said. “We want the transition to be as seamless as possible. We want a local, local image.”KGBT-TV, broadcast on Channel 4, is owned by a limited partnership whose general managing partner is Draper Communications Inc. based in Salisbury, Md.Cosmos has signed a definitive purchase agreement to acquire KGBT. The transaction is subject to regulatory approval by the Federal Communications Commission. Closing is expected in the fourth quarter of 1998.Bill Jom, general manager of KGBT, said being purchased by a larger broadcasting company will provide additional resources for the station to tap in the increasingly competitive broadcasting industry.“We are sad to end a long relationship with Draper Communications, but we are excited to be acquired by a major broadcasting concern like Cosmos Broadcasting,” he said. “This is in the best interest of KGBT-TV and the entire Valley.“As technology changes rapidly, the strength of Cosmos will allowsius to remain very competitive. ,,No KGBT employees will losey their job in the transition, Keelor),* said.Cosmos Broadcasting Corp. is at. subsidiary of the Liberty Corp., at, Greenville, S.C.-based holding), company with operations in insur-;,! ance and broadcasting. Liberty.,, posted annual revenues of $660million in 1997. n;Cosmos owns six NBC affiliates, two ABC affiliates and one CBS,, affiliate.Liberty and Cosmos were inter-,,; ested in KGBT because it is a well-managed station with good: ,• facilities in a growing market, said^ Ken Jones, corporate controller,! for Liberty Corp. (,j
Newspaper Details
Brownsville Herald
Brownsville, Texas, US
Tue, Aug 18, 1998
Page 2
Full Page
Clipped by
Sammi B.
NA 13 Dec 2021
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