On August 28, 2008, the Department of Justice (“DOJ”) approved Raycom Media, Inc.’s (“Raycom”) acquisition of Richmond NBC affiliate, WWBT-TV from Lincoln Financial Media Company (“Lincoln”) after entering into a settlement agreement requiring Raycom to divest its Richmond CBS affiliate WTVR-TV to resolve antitrust concerns. This acquisition would have resulted in Raycom owning two of the top four local broadcast stations, in terms of advertising revenue.
According to the complaint, Raycom would have controlled over fifty percent of the broadcast television spot advertising market had the acquisition been approved without a settlement agreement. Prior to the transaction, the two broadcast stations competed head to head for buyers of spot broadcast television advertising time.
Headquartered in Montgomery, AL, Raycom owns and operates 46 television stations in 35 markets in 18 states.