Business

By GREG JUNEK
Business Editor

A former president and chief executive officer of Gaylord Entertainment Co. and a Dallas investment firm on Wednesday announced they formed a corporation and signed a definitive agreement to acquire Tyler television station KTYX CBS 19 from Max Media LLC for $25 million.

Terry London and SunTx Capital Partners of Dallas formed London Broadcasting Co. Inc. London’s agreement to purchase the 3 1/2-year-old Tyler station is subject to Federal Communication Commission approval and is anticipated to close in the first quarter of 2008, the parties said.

London, an Oklahoma native, said he worked with the Gaylord family almost 23 years. He was president and CEO of Gaylord Entertainment Co. from 1997-2000.

He is managing partner of Dallas-based 41 Entertainment LP, a television company focused on content creation for outdoor enthusiasts. He also serves on the board of directors of Pier 1 Imports Inc. and Johnson Outdoors Inc.

“I’ve been pretty picky about what I want to do next, and have made some inquiries and offers to several types of businesses,” London said.

KYTX, which began broadcasting in April 2004, will be London Broadcasting Co.’s first station. The agreement also includes a second digital channel, MYTX-TV 18, programmed as an independent station focusing on local and regional sports.

“I’m hopeful we’ll get 10-15 local television stations and then add to that other media properties,” London said. “I believe in the future of broadcasting, there will be consolidation of skills.”

He said viewers will probably notice no change in the Tyler station after the acquisition.

Phil Hurley, who was a partner in Max Media LLC, confirmed he will be a partner in the new venture. He will continue as the station’s president and general manager, and John Gaston will remain station manager.

“It’s something that we’ve been working on for months, and we’re excited to have that quality of new ownership and new partners,” Hurley said.

London said he looked forward to working with Hurley and Gaston “in building London Broadcasting into a formidable group. They have done an outstanding job in building KYTX CBS 19 into a state-of-the art television station.”

The station has 75 employees.