MINNEAPOLIS -- CBS completed the purchase of essentially all of the assets of Midwest Communications for $178.6 million, the companies announced Wednesday.
Midwest Communications owned and operated WCCO-TV, WCCO-AM and WLTE- FM in Minneapolis, KCCO-TV in Alexandria, KCCW-TV in Walker, WFRV-TV in Green Bay, Wis., and WJMN-TV in Escanaba, Mich.
Midwest also owned Midwest Sports Channel and Midwest Cable and Satellite.
The total purchase price paid by CBS included $141.9 million of Midwest's debt obligations and other liabilities, and $36.7 million to Midwest's shareholders through the issuance of common stock valued at $160 per share.
Originally, the deal was valued at $200 million but the price was lowered when Midwest decided to retain certain assets, cash and accounts receivable, CBS said.
'On behalf of the shareholders and myself, I wish to commend the management and staff of the television and radio stations on the outstanding contributions they have made to the success of the stations and service to the communities,' said Midwest Chairman Joseph E. Murphy Jr.
The sale marks the end of a century in the communications business for the Murphy family. From 1891 to 1941, Midwest owned the Minneapolis Tribune. In 1933, the company bought its first radio station, WTCN and in 1949 WTCN went on the air as the Twin Cities' second television station.
Midwest and its WCCO stations have been associated with CBS for more than a half century. In the early 1950s, CBS owned 47 percent of Midwest and for two decades prior to that they owned all of WCCO-AM.
WCCO-TV has won five national Emmys and in 1990 won the Edward R. Murrow Award for Overall Excellence in News. WCCO-Am has won five Peabody Awards and recently won the Marconi Radio Award for Major Market Radio Station of the Year.
