| Company type | Public |
|---|---|
| NYSE: HTG | |
| Industry | Television,radio,marketing |
| Predecessor | Heritage Communications |
| Founded | August 1987 (1987-08) |
| Founder |
|
| Defunct | August 20, 1997 (1997-08-20) |
| Successor | |
| Headquarters | , U.S. |
Area served | United States (nationwide) |
| Revenue |  $10 billionUSD (1996) |
Heritage Media Corporation (NYSE: HTG) was a media company which owned television and radio stations across the United States, as well as in-store and direct marketing companies. It was based inDallas from 1987 to 1997.
Heritage Media was founded in August 1987[1] by a group ofHeritage Communications executives to acquire the company's television and radio stations.[2] The sale coincided with Heritage Communications' merger withTele-Communications Inc.;[2] at the time,Federal Communications Commission (FCC) regulations did not allow a company to own both a television station and a cable system in a market.[3] Heritage Communications had acquired the stations through the 1985 purchase of Dakota Broadcasting[4] and the 1986 acquisitions ofRollins Communications[5] and sixLIN Broadcasting radio stations.[6] Heritage Media's president and chief executive officer, James M. Hoak Jr., held the same positions with Heritage Communications; the company's headquarters were located inDes Moines, Iowa (where Heritage Communications was based), until later in 1987, when it relocated to Dallas, Texas.[7]
Heritage Media managed its television stations with more of an emphasis oncash flow thanratings, and focused its radio group on stations that it felt needed aturnaround (for instance, it had acquiredKKSN AM-FM inPortland, Oregon, out of bankruptcy). To implement this strategy, the company's stations operated with large sales staffs but were otherwise staffed sparingly. Heritage Media went public in September 1988, trading on theAmerican Stock Exchange. By then, it had invested in POP Radio, an in-store radio company, and Du-Kross Media, which sold advertisements onshopping carts.[1] In 1989, Heritage Media purchased Actmedia, a in-store marketing company.[8] In 1996, the company merged with DIMAC Corporation, a direct marketing services company.[9] On July 15, 1996, Heritage Media moved its stock listing to theNew York Stock Exchange.[10]
News Corporation announced on March 17, 1997, that it would acquire Heritage Media for $754 million. The purchase was mainly for the Actmedia and DIMAC subsidiaries, and News Corporation immediately announced its intention to sell Heritage Media's broadcast properties; News Corporation'sFox Television Stations subsidiary was already at FCC ownership limits, and the company had no interest in operating radio stations.[11] On July 16, 1997,Sinclair Broadcast Group announced that it would acquire the Heritage Media stations for $630 million.[12] The sale to News Corporation was completed on August 20, 1997;[13] Heritage Media's stations were then transferred to a trustee, with Sinclair assuming control of the stations in stages from January 29, 1998,[14] to July 1998.[15] Actmedia was folded into News Corporation'sNews America Marketing subsidiary.[16]
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** Owned by third parties and managed by Sinclair through various operating agreements. *** Owned by Sinclair and operated byMarquee Broadcasting. JV Joint venture. | ||||||||||||||||||
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