| June 18, 2009 Comcast purchases full ownership of NECN
|
(NECN: Newton, Mass.) - Comcast Corporation today announced that it has purchased full ownership of New England Cable News (NECN), by purchasing from Hearst its 50 percent interest in the cable news network. Terms of the transaction were not disclosed.
Comcast and Hearst Corporation had been joint owners of the cable network, which was launched in 1992 as a joint venture between Hearst and Comcast’s predecessor cable operators in New England. The transaction adds NECN to Comcast's regional programming operations, which include three news and entertainment networks and ten regional sports networks, including Comcast SportsNet New England. For NECN, it will be the first time the network has been operated under a single owner in its 17-year history.
Jon Litner, who oversees Comcast's local programming businesses as president of Comcast Sports Group, also announced that Bill Bridgen, who is presently the executive vice president and general manager of Comcast SportsNet New England, will oversee the management responsibilities of both Comcast Sportsnet New England and NECN.
Bridgen has over a dozen years of experience in the cable television industry and has run several cable networks. Bridgen takes over for Charlie Kravetz, who has served as NECN’s President and General Manager since March of 2008, and who was also the founding News Director for the station starting at its inception in 1992.
The full press release, including comments from Jon
Litner, is below.
COMCAST PROGRAMMING GROUP ACQUIRES HEARST’S INTEREST IN NECN
Philadelphia and New York – (June 18, 2009) – Comcast Corporation today announced that Comcast has purchased from Hearst its 50 percent interest in New England Cable News (NECN). Terms of the transaction, were not disclosed.
Comcast now owns 100 percent of NECN, which was launched in 1992 as a joint venture between Hearst and Comcast’s predecessor cable operators in New England. For Comcast, the transaction adds a respected local news voice to its regional programming operations, which now include three news and entertainment networks and ten regional sports networks, including Comcast SportsNet New England. For NECN, the transaction represents the first consolidated ownership and management since the network launched and an opportunity to continue to grow under the Comcast Programming Group.
“NECN is one of the leading sources for New England news and one of the most recognized regional cable networks in the nation, which makes it an attractive business operation,” said Jon Litner, who leads Comcast’s local programming businesses as president of Comcast Sports Group. “We value NECN’s strong connection with New England viewers, and in combination with Comcast SportsNet New England, NECN will strengthen Comcast’s position as the leading source for news, sports and entertainment in New England.”
Litner also announced that Bill Bridgen, presently the executive vice president and general manager of Comcast SportsNet New England, will oversee the management responsibilities of both networks. Bridgen has over a dozen years of experience in the cable television industry and has run several cable networks. Bridgen takes over for Charlie Kravetz, who has served as NECN’s President and General Manager since March of 2008 and who was also the founding News Director for the station starting at its inception in 1992.
About NECN
NECN, a Comcast network, is the largest, most honored 24-hour regional news network in the country, with more than 3 million subscribers in nearly 1,120 cities and towns in all six New England states. The station also specializes in long-form journalism, producing documentaries and extensive local and national political coverage. For more information on NECN, go to www.necn.com.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (www.comcast.com) is the nation's leading provider of entertainment, information and communication products and services. With 24.1 million cable customers, 15.3 million high-speed Internet customers, and 6.8 million Comcast Digital Voice customers, Comcast is principally involved in the development, management and operation of cable systems and in the delivery of programming content.
Comcast's content networks and investments include E! Entertainment Television, Style Network, Golf Channel, VERSUS, G4, PBS KIDS Sprout, TV One, ten sports networks operated by Comcast Sports Group and Comcast Interactive Media, which develops and operates Comcast's Internet businesses, including Comcast.net (www.comcast.net). Comcast also has a majority ownership in Comcast-Spectacor, whose major holdings include the Philadelphia Flyers NHL hockey team, the Philadelphia 76ers NBA basketball team and two large multipurpose arenas in Philadelphia.
Related Stories:
Play video
