Raycom Media announced today it has purchased select assets of LSN Mobile related to the company's technology and intellectual property. â€œThis acquisition will help Raycom Media continue to expand its multi-platform offerings into additional content areas, which is the goal of Raycom Mediaâ€™s new innovation group in Atlanta,â€ said Joe Fiveash, who leads the group.
As part of this transaction, some of the key LSN team members will be working with Raycom Media to support its growing digital business. Louis Gump, LSN Mobileâ€™s CEO, noted that â€œwith Raycomâ€™s strong commitment to both local media and digital innovation, weâ€™re excited to accelerate the companyâ€™s momentum with this acquisition. Personally, Iâ€™m energized to assist in the exploration of new acquisitions as the company grows, emphasizing mobile excellence in a multi-platform world.â€ As part of the transaction, Pascal Racheneur, who has led LSN's product and technology teams, will join Raycom Media to lead its new digital video efforts. The financial terms were not disclosed.
Raycom, an employee-owned company, is one of the nation's largest broadcasters and owns and/or provides services for 53 television stations in 37 markets and 18 states. Raycom stations cover 13.1% of U.S. television households and employ nearly 4,000 individuals in full and part-time positions. In addition to television stations, Raycom owns Raycom Sports (a marketing, production and events management and distribution company), Tupelo-Honey Productions (a NY-based production company), Limerick Studios (a Charlotte, NC-based motion graphics design house), and Broadview Media (a post production/digital signage company based in Montgomery, AL). Raycom Media is headquartered in Montgomery, Alabama.