After much speculation over the past couple of days, The Washington Post Co. announced today that it will buy WTVJ Miami from NBC Universal. Although the terms of the deal were not revealed, it’s estimated the sale could bring $350 million to $400 million and should be completed by the end of 2008.
Post-Newsweek Stations, a subsidiary of the Washington Post Co., will oversee operations of WTVJ, which will remain an NBC affiliate. It already owns and operates WPLG, the ABC affiliate in Miami, creating another duoloply in town.
TVNewsday points out that FCC rules allow a duopoly in a market this size if one of the two stations isn’t in the top four in local audience share. WPLG ranks No. 1, while WTVJ is No. 6.