NOE CORP ANNOUNCES SALE OF KNOE-TV
June 12, 2007
For Immediate Release
Contacts:
Noe Corp LLC - George Noe, Roy Frostenson - 318-388-8888
Hoak Media Corp. - Eric D. Van den Branden - 972-960-4848
Noe Corp, LLC President George Noe announced today that the company has reached a definitive agreement to sell its television station, KNOE-TV, to Dallas based Hoak Media Corporation which owns and operates television stations in Nebraska, South Dakota, North Dakota, Texas and Colorado. The transaction is expected to close in the third quarter pending FCC approval. Financial details of the deal were not released.
In announcing the deal Noe Corp President George Noe said, “This is a bittersweet day for the Noe family. While we as a family agreed that we wanted to sell this asset, we are sad that our 54 year stewardship of KNOE-TV is coming to an end. In memory of James A. Noe Sr. who created KNOE and James A. Noe Jr. who carried on the tradition of excellence, we have decided to sell to Hoak Media headed by Jim Hoak because they were the best choice to carry on KNOE's commitment to excellence and service to the ArkLaMiss community."
The Noe family has owned and operated KNOE-TV since first putting the station on air in September of 1953. TV-8 General Manager Roy Frostenson said, “The Noe’s have been wonderful to work for and hugely important to the Monroe area so there is certainly some sadness with today’s announcement but we couldn’t ask for a better group to acquire us and I’m excited about our future with Hoak Media. They are community broadcasters with a strong commitment to local news who really believe in the communities they serve and work hard to be a positive force everywhere they have a television station.”
Hoak Media President and CEO, Eric Van den Branden commented, "This acquisition is consistent with our strategy of acquiring stations with quality local news programming, solid management teams, and the highest commitment to serving their local communities. This transaction allows our company to acquire a station that is not only top ranked in the market in terms of audience and billings, but also one of the strongest CBS affiliates in the country." Van den Branden went on to say, "Hoak will be committed to upholding the tradition of excellence and dedication to the local community that was established by the Noe family over 50 years ago."
Noe Corp’s other remaining broadcast property, KNOE-101.9FM, will be sold at a later date, “We expect to have an announcement on that in the coming months,” said George Noe.
David Tolliver, Managing Director of RBC Daniels, L.P., exclusively represented Noe Corp.
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