TUPELO, Miss. -- The Spain family is selling Tupelo's WTVA-TV to Heartland Media and MSouth Equity Partners.
No price was disclosed for the sale, announced Tuesday.
WTVA was founded 57 years ago by the late Frank Spain. Jane Spain, who had a 51 percent stake in the company that her late husband, said Heartland "is particularly well-suited to build on the service that WTVA has provided viewers in Northeast Mississippi and northwest Alabama for over five decades."
Jane Spain told WTVA (http://bit.ly/1uGBLXl) she will remain in Tupelo and continue working with the Tupelo Automobile Museum.
The Federal Communications Commission must approve the sale of WTVA, an NBC affiliate which broadcasts ABC on a subchannel. Approval is expected in early 2015, with current owners running the station until then.
The sale doesn't include WLOV, a separately owned Fox affiliate. WTVA's new owners will continue managing WLOV through a shared-services agreement.
Atlanta-based Heartland bought stations in Eugene, Medford and Klamath Falls, Oregon earlier this year for $29 million. Last year, he bought a station in Utica, New York, for $16 million.
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