A significant development in the broadcasting industry has emerged as Rincon Broadcasting and its executive Todd Parkin have finalized a deal to acquire seven television stations from Imagicomm Communications. This move represents another step in Rincon's strategic expansion while marking Imagicomm's gradual exit from the local TV market. The transaction involves stations spread across Washington, Oklahoma, Arizona, and Tennessee. Although financial details remain undisclosed, this acquisition aligns with Rincon's recent growth strategy and Imagicomm's broader divestment plans.
In an effort to consolidate its media presence, Rincon Broadcasting is acquiring stations that were originally obtained by Imagicomm three years ago from Cox Media Group. Among the stations being transferred are KAYU (Channel 28, Fox) in Spokane, Washington; KCYU-LD (Channel 41, Fox) in Yakima, Washington; and KYMA (Channel 11, CBS) in Yuma, Arizona. These locations highlight Rincon’s intention to strengthen its footprint in key markets. Facilitating this complex transaction was Kalil & Company, a prominent Arizona-based media brokerage firm renowned for orchestrating intricate deals within the broadcasting sector.
Imagicomm's decision to sell these assets fits into a larger pattern of exiting the local TV market. Earlier this year, the company sold five stations along the California-Oregon border to Marquee Broadcasting. This latest sale underscores Imagicomm's commitment to reallocating resources toward other ventures. Meanwhile, Rincon Broadcasting continues to expand under the leadership of Todd Parkin, who brings extensive experience from his tenure at Diamond Sports Group, now rebranded as Main Street Sports following its emergence from bankruptcy.
Rincon's acquisition spree extends beyond this deal, having recently agreed to purchase five additional stations from Sinclair Broadcast Group. These transactions must receive approval from the Federal Communications Commission (FCC) before they can be finalized. With each acquisition, Rincon aims to bolster its portfolio and enhance its influence in regional broadcasting markets.
This agreement not only signifies Rincon Broadcasting's ambition to become a major player in the industry but also highlights Imagicomm's strategic pivot away from local television operations. As both companies navigate their respective transitions, the broadcasting landscape undergoes notable transformations that could redefine how content reaches audiences in various regions.