New Vision Execs Form Alchemedia
Following the sale of their entire New Vision station group to LIN TV, members of the management team are looking to build a new portfolio. John Heinen, New Vision’s president-COO, is leading
the venture tabbed Alchemedia, which is looking for investors.
New Vision’s 17 stations acquired by LIN were in markets as large as Portland, Ore. and as small as Mason City, Iowa. Eight markets were involved in the $330 million-plus deal.
A sell-build-sell strategy isn’t a new one for the New Vision team. At the completion of the LIN sale, its CEO Jason Elkin, who apparently is not involved with Alchemedia, stated it marked “the fourth major television station group that New Vision's management has successfully managed and then sold.”
New Vision executives joining Alchemedia include CFO Eric Simontis; Steve Spendlove, an executive vice president in broadcasting; and Dennis Elkin, a senior vice president in new media and mobile TV. Corporate operations will be in Atlanta.
John Heinen, Alchemedia’s CEO, stated that the local broadcast business performed well last year and with “the advent of mobile TV and
the expansion of video on mobile devices and more and more portals, local content is entering another round of value expansion we hope to monetize in the next few years."
In May, when the LIN agreement was reached, New Vision said it sold its first station group in 1995 for $230 million, more than double what it paid for them.