Raycom Media
| Company type | Private |
|---|---|
| Industry | Broadcasting, Media |
| Founded | 1996 |
| Founder | Stephen Burr, Ken Hawkins, William Zortman |
| Defunct | 2019 |
| Fate | Acquired by Gray Television |
| Headquarters | Montgomery, Alabama , United States |
Area served | United States (20 states, 44 markets) |
Key people | Pat LaPlatney (President and CEO) |
| Products | Television stations, radio stations, newspapers, digital advertising platforms, sports and automotive programming production |
Number of employees | 8,300 (before 2019) |
Raycom Media, Inc. was a U.S.-based television broadcaster with its main office located in Montgomery, Alabama. The company owned or operated 65 television stations and two radio outlets across 44 distinct markets spanning 20 states. Additionally, through its subsidiary CNHI, Raycom managed a variety of newspapers serving small to mid-sized communities throughout the United States.
History
Established in 1996 by Stephen Burr (a Boston attorney), Ken Hawkins (general manager), and William Zortman (news director), with financial support from Retirement Systems of Alabama, Raycom initially acquired 15 TV stations and two radio stations, along with Bert Ellis's Raycom Sports division from Ellis Communications, in a deal exceeding $700 million. Within the same year, the company expanded by purchasing eight stations from Federal Enterprises Inc. for $160 million and acquiring five TV stations from Aflac's broadcast unit, consolidating these into Raycom Media. John Hayes served as the company's leader until 2001.
In 1998, Raycom secured a 35% ownership stake in Worldnow, a digital publishing platform tailored for broadcasters, while also purchasing Malrite Communications, which added five additional stations located in Puerto Rico, Ohio, and Florida. Paul McTear took over as president and CEO from Hayes in 2001. The company further grew in 2003 by acquiring Fox-affiliated stations previously owned by Waitt Broadcasting.
In 2005, Raycom launched The Tube Music Network on 30 stations, marking an early investment in digital subchannel networks. The following year, it expanded its station lineup through the acquisition of the Liberty Corporation and sold twelve stations to Barrington Broadcasting.
Raycom announced in 2007 its intention to acquire Lincoln Financial Media’s television assets for $583 million, a transaction completed in 2008 that included merging Lincoln Financial Sports into Raycom Sports. Around 2010, the firm began producing original content, collaborating with E.W. Scripps and Cox Media on Right This Minute (2011) and partnering with ITV Studios America to launch America Now during the same period.
The company's production capabilities were enhanced by acquiring RTM Productions—known for automotive programming on major cable networks—in 2014 and Tupelo-Honey Productions in 2012. Raycom was also an early investor in Bounce TV (2011) and Katz Broadcasting (2014), broadening its footprint in digital multicast broadcasting.
In 2013, Raycom entered into a shared services agreement to operate WVUE-TV in New Orleans and completed full ownership by August 2017. Late in 2015, it acquired Drewry Communications’ stations for $160 million and purchased Indianapolis-based WebStream Sports; WebStream subsequently merged with Tupelo Honey to create Tupelo Raycom.
Also during 2015, Raycom bought Fox affiliate KNIN-TV for $14.5 million from E.W. Scripps Company under shared services agreements due to regulatory constraints. That November, it acquired PureCars—a digital advertising platform specializing in automotive sales—for $125 million.
In May 2017, Raycom expanded its market presence by acquiring Calkins Media’s WWSB and WTXL-TV; however, the Department of Justice blocked the acquisition of WAAY-TV due to ownership conflicts. This transaction increased Raycom’s reach to about 16% of U.S. television households.
On September 25, 2017, Raycom merged with CNHI—also owned by Retirement Systems of Alabama—with CNHI operating as a subsidiary post-merger. To adhere to FCC cross-ownership regulations, Raycom divested newspapers where there were overlapping markets.
In June 2018, Raycom introduced InvestigateTV, an over-the-top (OTT) application featuring long-form content produced internally as well as in partnership with organizations such as ProPublica and Arizona State University’s Cronkite School.
On June 25, 2018, Gray Television announced its $3.65 billion acquisition of Raycom Media. The combined company would manage 142 stations across 92 markets, positioning Gray as the third-largest television station owner in the U.S., controlling approximately 24% of the market share. Pat LaPlatney continued as CEO following the merger alongside Gray’s Hilton Howell serving as executive chairman and co-CEO. The Federal Communications Commission approved the merger on December 20, 2018; it was finalized on January 2, 2019. The CNHI newspaper group was excluded from this transaction and remained independent.
Key Leadership
In the years leading up to its acquisition by Gray Television, Pat LaPlatney held the roles of president and chief executive officer.
Strategic Approach
Raycom pursued growth by broadening its broadcast network through acquisitions and strategic alliances. Simultaneously, the company diversified into digital platforms and original content creation to strengthen its market position and generate revenue across both established and emerging media channels.
Financial Overview
Prior to being acquired by Gray Television, Raycom reported annual revenues near $2.4 billion and employed roughly 8,300 individuals across the United States.
Affiliated Companies
Among its significant subsidiaries were Community Newspaper Holdings (CNHI), PureCars (specializing in digital advertising), Raycom Sports (focused on sports content production), RTM Productions (automotive programming), and Tupelo Raycom (sports entertainment production).
Operations
Before the merger with Gray Television, Raycom managed 65 television stations along with two radio outlets spanning 44 markets in 20 states, reaching over 16% of American television households. The workforce included more than 4,800 full-time and part-time employees.
Previously Owned Stations
- Stations are organized alphabetically by state and city of license.
- Stations originally constructed and launched by Raycom Media are identified with two bold asterisks (**).
| Media market | State/Territory | Station | Year Acquired | Year Sold | Remarks |
|---|---|---|---|---|---|
| Birmingham | Alabama | WBRC | 2009 | 2019 | |
| Dothan | WDFX-TV | 2003 | 2019 | ||
| Huntsville | WAFF | 1996 | 2019 | ||
| Montgomery | WSFA | 2006 | 2019 | ||
| Jonesboro | Arkansas | KAIT | 2006 | 2019 | |
| Tucson | Arizona | KOLD-TV | 1996 | 2019 | |
| KMSB | 2011 | 2019 | |||
| KTTU | 2011 | 2019 | |||
| Colorado Springs | Colorado | KXRM-TV | 2000 | 2006 | |
| KXTU-LD | 1999 | 2006 | |||
| Panama City | Florida | WPGX | 2003 | 2019 | |
| Sarasota | WWSB | 2017 | 2019 | ||
| Tallahassee | WTXL-TV | 2017 | 2019 | ||
| West Palm Beach | WFLX | 1998 | 2019 | ||
| Albany | Georgia | WFXL | 2004 | 2006 | |
| WALB | 2006 | 2019 | |||
| Augusta | WFXG | 2003 | 2019 | ||
| Columbus | WTVM | 1996 | 2019 | ||
| WXTX | 2003 | 2019 | |||
| Savannah | WSAV-TV | 1997 | 1997 | ||
| WTOC-TV | 1996 | 2019 |
Additional holdings
Beyond its television station assets, Raycom's investments extended to:
- Bounce TV
- Broadview Media
- Community Newspaper Holdings, Inc. (CNHI)
- Frankly (20% ownership), which includes WorldNow
- Katz Broadcasting
- Pure Cars
- Raycom Sports
- RTM Productions, known for producing PowerNation, an automotive series aired on networks such as Paramount Network, CBS Sports Network, and NBCSN
Tupelo Raycom
Tupelo Raycom, the production division of Raycom Media, originated from the combination of Tupelo Honey Productions and WebStream Sports. Its clientele includes prominent networks like NBC, CBS, ESPN, Turner Sports, Fox, Travel Channel, Bounce TV, and Live Nation.
Raycom acquired Tupelo Honey Productions in January 2012, which came with a 50% interest in MY Tupelo Entertainment—a partnership with Michael Yudin's MY-Entertainment Company. The company sold its stake in MY Tupelo in March 2014. To enhance its sports production operations, Raycom purchased Indianapolis-based WebStream Sports in September 2015 and subsequently merged it with Tupelo Honey to create Tupelo Raycom in January 2016.