Benson a future media mogul?

Saints owner scoops up WVUE-TV Fox 8

STAFF and WIRE REPORT

New Orleans Saints owner Tom Benson announced Monday that he is purchasing WVUE-TV Fox 8 from Emmis Communications Corporation, an Indianapolis-based radio, TV and magazine publishing company. In addition, Benson announced that he has created the Louisiana Media Company, a global media group focused on the acquisition of radio and television stations as well as movie production, which will be headquartered in New Orleans.

In a written statement, Benson cited his unwavering belief in the recovery and rebirth of his native city as the impetus for his decision to enter the media market. A local group of “like-minded” investors are teaming with the Saints owner to buy the affiliate for $41 million, the radio and publishing company announced last week.

Emmis has now sold all 16 of its television stations, marking the company’s planned exit from the industry.

Emmis told the Associated Press it expects to book $35.5 million in net proceeds from the sale to Benson’s Louisiana Media Company LLC. The deal should become final in the second half of the calendar year, pending regulatory approval.

WVUE-TV Fox 8 carries the National Football League (NFL) games played by NFC teams, including the Saints.