New Vision Television

New Vision Television was a privately held American broadcast company whose business centered on acquiring, owning, and managing local television stations, primarily network affiliates in small and medium-sized U.S. markets. The company was founded by Jason Elkin in 1993 and went through several distinct operating phases, commonly described as New Vision I, New Vision II, and New Vision III. The first New Vision acquired a group of stations from the News-Press & Gazette Company in December 1993. The portfolio included WJTV and semi-satellite WHLT in Mississippi, WECT in Wilmington, North Carolina, WSAV-TV in Savannah, Georgia, KSFY-TV and associated satellites in Sioux Falls, South Dakota, and KOLD-TV in Tucson, Arizona. New Vision sold these assets in 1995 to Bert Ellis and Ellis Communications, ending the company's initial ownership cycle after roughly two years. Elkin and John Heinen subsequently established New Vision Television II. Capitalized with approximately $200 million, the second company concentrated on a smaller group of network affiliates. Its stations included KSBY in Santa Barbara, California; KVII-TV in Amarillo, Texas; WISE-TV in Fort Wayne, Indiana; and KDLH in Duluth, Minnesota. New Vision II sold those stations in 2005 to Cordillera Communications, Barrington Broadcasting, and Granite Broadcasting, distributing the portfolio among several buyers. The company was restarted as New Vision III in the mid-2000s. This phase expanded through acquisitions and operating agreements. In 2006, New Vision agreed to purchase CBS affiliates WIAT in Birmingham, Alabama, and KIMT in Mason City, Iowa, from Media General. It later agreed to acquire WKBN-TV and WYFX-LP in Youngstown, Ohio, while also entering a shared-services arrangement to operate ABC affiliate WYTV. The company developed the My Valley branding for services associated with the Youngstown stations. Further expansion followed in 2007 and 2008. New Vision acquired ABC affiliate WJCL in Savannah, Georgia, and purchased the assets of Montecito Broadcasting, including KOIN in Portland, Oregon; KHON-TV in Honolulu, Hawaii, and its satellites; KSNW in Wichita, Kansas, and its satellites; and KSNT in Topeka, Kansas. It also acquired KTMJ-CA and repeaters in the Topeka market and pursued a plan to convert KBNZ-LD in Bend, Oregon, from a KOIN translator into a separate station. Rapid expansion left the company with substantial leverage. In 2009, New Vision, operating as NV Broadcasting, entered Chapter 11 bankruptcy proceedings after reaching an agreement with first- and second-lien lenders to convert approximately $400 million of debt into equity in a reorganized company. The proceedings included a reported $28 million line of credit. The restructuring enabled the company to continue operating while seeking a strategic exit. On May 7, 2012, LIN Media agreed to acquire New Vision's 13 owned television stations. The transaction also covered operational control of three PBC Broadcasting stations—KTKA, WTGS, and WYTV—under shared-services arrangements with New Vision stations in Topeka, Savannah, and Youngstown. The Federal Communications Commission approved the transaction on October 2, 2012, and closing occurred on October 12, 2012. New Vision's investors reportedly realized a significant gain in equity from the sale. The company ceased to operate as an independent station group after the transaction. LIN Media was later absorbed by Media General and Media General was subsequently acquired by Nexstar Media Group.

New Vision Television emerged in 1993 as an American local-television ownership company founded by Jason Elkin in Atlanta, Georgia. Its initial strategy was to assemble a portfolio of established network affiliates in geographically dispersed markets. In December of that year, it purchased stations from the News-Press & Gazette Company, including WJTV and WHLT in Mississippi, WECT in North Carolina, WSAV-TV in Georgia, KSFY-TV and related Sioux Falls satellites in South Dakota, and KOLD-TV in Arizona. The group sold its assets to Bert Ellis and Ellis Communications in 1995 for approximately $230 million, following an acquisition reported at approximately $110 million. Elkin and chief operating officer John Heinen later formed New Vision Television II. This successor company was capitalized with approximately $200 million and owned up to four network affiliates: KSBY, KVII-TV, WISE-TV, and KDLH. In 2005, those stations were sold to Cordillera Communications, Barrington Broadcasting, and Granite Broadcasting. The sale represented another deliberate portfolio transition rather than a permanent withdrawal from broadcasting. New Vision III restarted the company with a new collection of stations. In 2006, it acquired WIAT and KIMT from Media General. It then expanded in Youngstown by acquiring WKBN-TV and WYFX-LP and operating WYTV under a shared-services agreement for its owner. The related stations were promoted through the My Valley branding. In 2007, New Vision bought WJCL in Savannah and acquired the assets of Montecito Broadcasting. The Montecito transaction brought KOIN, KHON-TV and its satellites, KSNW and its satellites, and KSNT into the portfolio. In 2008, the company added KTMJ-CA and Topeka repeaters and explored creating a standalone service from KBNZ-LD in Bend rather than continuing its role as a KOIN translator. The expansion was financed with significant debt. In 2009, New Vision, under the NV Broadcasting name, filed for Chapter 11 bankruptcy protection. Its restructuring agreement with first- and second-lien creditors called for roughly $400 million of debt to be converted into equity. The company also received a reported $28 million line of credit during the proceedings. These measures were intended to preserve operations and provide a path toward recapitalization. New Vision ultimately exited broadcasting ownership through a sale to LIN Media. Announced on May 7, 2012, the transaction covered 13 New Vision-owned stations and operational control of three PBC Broadcasting stations—KTKA, WTGS, and WYTV—connected to New Vision's shared-services arrangements. The FCC approved the deal on October 2, 2012, and it closed on October 12. New Vision's investors received a significant equity gain according to the referenced account. After the sale, New Vision no longer operated as an independent television group. LIN Media was later absorbed by Media General, which in turn was absorbed by Nexstar Media Group.

1. 2012Station portfolio sold to LIN Media

   LIN Media acquired New Vision's 13 owned stations and received operational control of three related PBC Broadcasting stations; the deal closed in October.

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2. 2009Chapter 11 restructuring

   NV Broadcasting entered Chapter 11 and agreed to exchange approximately $400 million of debt for equity in a reorganized company.

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3. 2007Savannah and Montecito acquisitions

   New Vision acquired WJCL and the assets of Montecito Broadcasting.

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4. 2006New Vision III begins expansion

   The company acquired WIAT and KIMT from Media General and expanded in Youngstown through WKBN-TV, WYFX-LP, and a shared-services agreement for WYTV.

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5. 2005New Vision II sells its stations

   KSBY, KVII-TV, WISE-TV, and KDLH were sold to Cordillera Communications, Barrington Broadcasting, and Granite Broadcasting.

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6. 1995Initial station group sold

   New Vision sold its initial assets to Bert Ellis and Ellis Communications.

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7. 1993Company founded and first station portfolio acquired

   Jason Elkin formed New Vision Television in Atlanta and acquired a group of stations from the News-Press & Gazette Company.

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A private television station group focused on acquiring, consolidating, and operating local network affiliates across U.S. broadcast markets.

• Local network-affiliated television stationsBroadcast television1993

  New Vision's principal assets were local television stations affiliated with major U.S. broadcast networks, including CBS, ABC, Fox, and NBC affiliates. The stations served individual metropolitan and regional markets and combined network programming with locally produced news, weather, advertising, and community content. The portfolio changed substantially across the company's three operating phases.

• My ValleyLocal television branding2006

  My Valley was a branding platform associated with New Vision's Youngstown operations. It linked services from WKBN-TV, WYFX-LP, and WYTV under a common market-facing identity while the stations retained their individual network affiliations and broadcast roles.

• Shared-services station operationsBroadcast management2006

  New Vision also operated stations owned by other entities through shared-services arrangements. The best-documented examples involved WYTV in Youngstown, KTKA in Topeka, and WTGS in Savannah. These arrangements allowed New Vision to provide operational management alongside its ownership of related stations.

• 2012Sale of television stations to LIN MediaM&A

  Following its restructuring, New Vision pursued a sale of its owned station portfolio and related operating interests.

  What changed. LIN Media agreed to acquire 13 New Vision-owned stations and operational control of three PBC Broadcasting stations connected through shared-services agreements.

  Aftermath. The FCC approved the transaction in October 2012, and closing ended New Vision's independent operation as a television station group.

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• 2009Debt-for-equity restructuring under Chapter 11Strategy

  New Vision's expansion left it carrying substantial debt, and the company entered Chapter 11 proceedings while negotiating with first- and second-lien creditors.

  What changed. The restructuring agreement converted approximately $400 million of debt into equity in the reorganized company and was supported by a reported $28 million line of credit.

  Aftermath. The company continued operating and later sold its station portfolio to LIN Media in 2012.

  Debt converted to equity. $400 million of debt → Equity in the reorganized company (2009 Chapter 11 proceedings)

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• 2012LIN Media agrees to acquire New Vision Television stations

  LIN Media announced an agreement to acquire New Vision's 13 owned television stations and operational control of three PBC Broadcasting stations subject to shared-services arrangements.

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• 2012FCC approves LIN Media's New Vision transaction

  The Federal Communications Commission approved the transfer on October 2, 2012, and the transaction closed on October 12, ending New Vision's independent operation as a station group.

  M&ARegulation
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• 2009New Vision files for Chapter 11 bankruptcy protection

  Operating as NV Broadcasting, New Vision entered Chapter 11 after agreeing with first- and second-lien creditors to convert approximately $400 million in debt into equity in a reorganized company.

  Bankruptcy
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• 2007New Vision acquires WJCL and Montecito Broadcasting assets

  New Vision acquired Savannah ABC affiliate WJCL and later purchased the assets of Montecito Broadcasting, adding stations in Portland, Honolulu, Wichita, and Topeka.

  M&A
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• 2006New Vision agrees to acquire stations from Media General

  New Vision announced an agreement to acquire CBS affiliates WIAT in Birmingham and KIMT in Mason City for approximately $35 million. The transaction was completed on October 12, 2006.

  M&A
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• 2006New Vision expands in Youngstown through acquisition and shared services

  The company agreed to acquire WKBN-TV and WYFX-LP and entered an arrangement to operate WYTV, establishing a broader local television presence in the Youngstown market.

  M&A
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1. New Vision Television