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Business

Price Tag for KEYT Sale Listed at $14.25 Million

Missouri-based News-Press & Gazette Co. is acquiring the Santa Barbara TV station

Missouri-based News-Press & Gazette Co. paid a base price of $14.25 million for KEYT, the Central Coast’s ABC affiliate television station, according to the asset agreement filed with the Federal Communications Commission.

KEYT was sold by Smith Media, which also owns WFFF-TV in Vermont and WKTV in New York. A related digital television property, MyRTV, is included in the sale.

The sale was announced last Thursday and will be finalized after getting FCC approval, most likely within 90 days, said Michael Granados, Smith Media CEO and KEYT’s general manager.

He said there won’t be changes in day-to-day operations until the transfer goes through, although KEYT is in constant contact with News-Press & Gazette Co.

Granados will continue overseeing Smith Media’s other properties in Vermont and New York, but said he won’t stay on as KEYT’s general manager after the sale goes through.

In the short term, though, he’s staying put in Santa Barbara.

“You can quote me on this: I like it here,” he said with a laugh.

News-Press & Gazette Co. will bring in its own general manager, but has indicated it will keep the remaining staff and management team at KEYT, according to Granados.

The station has about 50 employees.

Noozhawk staff writer Giana Magnoli can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

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