WVUE Fox 8 Owner Tom Benson has announced that Louisiana Media Company has reached agreement in principle on the terms of a Shared Services Agreement with Raycom Media that allows the New Orleans-based television station to remain locally-owned, and expands its regional opportunities.
This agreement will allow Louisiana Media Company to "join hands" with the strongest regional television group in Louisiana, Mississippi and Alabama, Raycom Media. The shared services agreement between WVUE Fox 8 and Raycom Media will permit Raycom Media to provide operational services for the station, under the ultimate control of Louisiana Media.
This new relationship will connect WVUE Fox 8 with some of the most dominant stations and their newsrooms in the area serving the New Orleans Saints and the New Orleans Pelicans, also owned by Benson.
"We are excited to expand in such a creative way, while maintaining our local ownership. This collaboration allows both companies to become stronger in the region right away," said Benson. "The personnel we have locally have worked incredibly hard to grow WVUE Fox 8 in the right direction. Weâ€™re looking forward to seeing the continued results of those efforts as we partner with Raycom Media. The synergy between what we have already established at WVUE Fox 8 and what Raycom Media can offer will be positive for both of us and our viewers."
Paul McTear, President and CEO of Raycom Media stated, "Like WVUE, Raycom is committed to quality journalism and serving our communities. Weâ€™re excited about this partnership which provides more depth and resources in covering issues of importance to the people of New Orleans and the Gulf Coast region. Raycom has served viewers in Baton Rouge, Lake Charles, Shreveport, and Biloxi for years. The addition of New Orleans strengthens and reinforces our commitment to Louisiana and the Gulf Coast."
"In an ever changing industry where larger scale gives strength to individual stations, this arrangement allows our station to immediately benefit from Raycomâ€™s scale and strong regional presence," said Joe Cook, President of Louisiana Media Company, and General Manager of WVUE Fox 8."
The Agreement is expected to become effective on December 16.