Tom Benson has announced that his Louisiana Media Company has reached agreement in principle to sell its majority ownership in WVUE FOX 8 to current partner Raycom Media. Since 2013 Louisiana Media Company and Raycom Media have had a shared service agreement which allowed Raycom Media to provide operational services for the station under the control of Louisiana Media.
Benson purchased WVUE Fox 8 in May of 2008 when the station did not have any other viable buyers.
“With the ever changing media landscape, we believe it is in the best interest of the station to sell and transfer control to our media partners at Raycom," Benson said in a statement. "They have been a great partner over the last few years and shown the remarkable dedication and commitment to our community."
Benson plans to retain a minority interest in the station.
“Although I am announcing this move today, I want everyone to know that we have some very big plans for future investment in New Orleans and in the near future we will be making these big announcements,” Benson said. “I have never been more confident and excited about our city and the residents of this great city and region. As they say in the news business, ‘Stay tuned!’”