ATLANTA, Ga.—Gray Television, Inc. has reached an agreement with Capital Media Group, LLC to acquire WKTB-CD, which broadcasts top-tier Spanish and Korean broadcast networks, including Telemundo, and its sister company, Surge Digital Media, a full-service, boutique digital agency focused on multi-cultural, multi-lingual marketing and video production.
Financial terms of the deal were not disclosed.
Gray entered the Atlanta media market, which is the sixth largest TV market and the 23rd largest Hispanic market, just a few weeks ago with its acquisition of CBS46 and PeachtreeTV as part of its Meredith Corporation transaction.
“We are very excited to add Telemundo Atlanta and Surge Digital to our growing local presence in our hometown,” said Gray’s chairman and CEO Hilton Howell. “Together, our Atlanta media properties will be better able to grow their local audiences, serve local community groups, and provide unparalleled opportunities for local businesses to reach consumers. Moreover, our Telemundo operations in other markets will benefit from the experiences, expertise and talent that Telemundo Atlanta has developed over the past 13 years as a successful family-owned start-up in a very large and competitive media market.”
Capital Media, which does business as Telemundo Atlanta, is co-owned by Susan Sim Oh and Coline Sim. It launched the Telemundo operation in 2009.
Through their leadership, Telemundo Atlanta was the first local Spanish-language television station to consecutively garner the coveted ‘Overall Station Excellence’ Emmy Award by the National Academy of Arts and Sciences in the Southeast region in 2013, 2014, 2016 and 2017 as well as News Excellence Emmy Awards in 2017 and 2019 and Best Newscast Emmy Awards in 2014, 2017, 2018, 2019 and 2021. Within the last 10 years, Telemundo Atlanta has garnered 61 Emmy Awards. Today, Telemundo Atlanta provides the most local news in Spanish in the Atlanta DMA with daily 5:30pm, 6pm and 11pm live newscasts.
Surge Digital Media, having launched three years ago, has won the Atlanta Marketers of the Year (AMY) Award for the esteemed PPC/Paid Search category presented by the Atlanta Marketers Association of Atlanta in 2021.
The parties anticipate that both Susan Sim Oh and Coline Sim will join Gray at the closing.
Coline will oversee the station’s operations. Susan will assume a new role guiding strategy, multi-platform operations, and expansion across the nation for Gray’s Telemundo Station Group. Susan will report directly to Gray President and Co-CEO Pat LaPlatney. Upon closing this transaction, Gray will own Telemundo affiliates in 12 markets, including the largest affiliate in the Eastern US, as well as 7 markets in Texas, Gray said.
“Telemundo Atlanta and Surge Digital Media are looking forward to taking the station and digital agency’s offerings and initiatives to the next level through Gray’s expansive resources,” Susan Sim Oh said. “We know that Gray shares our deep commitment of moving the community forward and we are excited for the opportunities that Gray will bring to our employees and audiences.”
The parties anticipate closing the transaction following receipt of regulatory and other approvals in the next few months.
