KARE 11 is getting a new owner in Standard General.
Standard General will acquire Tegna, which owns 64 TV stations around the country, including KARE 11, for a deal valued at about $8.6 billion, a news release says. The deal, which still needs approval from Tegna shareholders, is expected to close in the second half of 2022, at which point it will become a private company.
"As long-term investors in the television broadcasting industry, we have a deep admiration for Tegna and the stations it operates and, in particular, for Tegna's talented employees and their commitment to serving their communities," Standard General's founding partner Soo Kim said in a statement. "We believe Tegna has a strong foundation and exciting prospects for continued growth ... We look forward to building on the company’s strong foundation."
Tegna formed in June 2015 when it split off from Gannett, which continues to operate newspapers across the country, including the St. Cloud Times in Minnesota.
With KARE 11 slated to get new owners, here's a look at who owns other TV news stations in Minnesota:
- KSTP-TV is owned by Hubbard Broadcasting
- WCCO-TV is owned and operated by CBS
- KMSP-TV (FOX 9) is owned and operated by Fox Television Stations
- KSTC-TV (45TV) is owned by Hubbard Broadcasting
- WFTC-TV (My 29) is owned by Fox Television Stations
- KTTC-TV is owned by Gray Television
- KXLT-TV is owned by Gray Television
- KEYC-TV is owned by Gray Television
- KAAL-TV is owned by Hubbard Broadcasting
- KBJR-TV is owned by Gray Television
- KDLH-TV is owned by Gray Television
- WDIO-TV is owned by Hubbard Broadcasting
- KQDS-TV is owned by Red River Broadcasting
- KVRR-TV is owned by Red River Broadcasting
It's unclear what the sale means for KARE 11 or if Standard General will cut jobs.
Poynter details how the proxy fight between the leader of Standard General and Tegna provides "hints" about how the company may run the TV stations. Kim has apparently been critical of Tegna's leadership and Standard General has attacked Tegna's profitability, citing it having two times the number of employees per station compared to its peers but is not as profitable.
Standard General, a minority-controlled and operated company, was founded in 2007 and it manages public and private pension funds, endowments, foundations and high-net-worth individuals, the release says.