Mission Broadcasting has agreed to acquire WADL Detroit from Adell Broadcasting Corporation. The MyNetworkTV station is in DMA No. 14.
Terms of the transaction were not disclosed, but one deal insider said the price was $75 million. Calls to confirm the price with Mission were not addressed at presstime.
“The purchase of WADL represents a rare opportunity to acquire a full-power station in a top-15 market,” said Dennis Thatcher, president of Mission Broadcasting. “We are very excited about playing a role in the continued renaissance of this great American city.”
The transaction, subject to regulatory approval, is expected to close in the third quarter.
Mission stations include WPIX New York, WNAC Providence and WTVW Evansville. In Michigan, Mission owns WLAJ Lansing, an ABC-CW affiliate.
“I started this journey 34 years ago at my parents’ kitchen table, where I mortgaged their home in order to build what would later become WADL-TV,” said Kevin Adell, CEO of Adell Broadcasting. “I could not have selected a better successor of my legacy than Mission Broadcasting.”
