New Orleans billionaire Tom Benson announced plans Monday to sell his majority stake in WVUE-TV, the local Fox affiliate he purchased in 2008, to Alabama-based Raycom Media.
Financial terms of the deal were not disclosed. Since 2013, Raycom has provided operational services for the station under the control of Benson's Louisiana Media Co.
Without offering specifics, Benson also said he has "some very big plans for future investment in New Orleans," with details to come "in the near future."
Benson bought WVUE, also known as Fox 8, from Indiana-based Emmis Communications Corp. in 2008 for $41 million, making it the city's only locally-owned network affiliate.
Under Benson's ownership, WVUE has racked up several journalistic awards, including a George Foster Peabody Award and eight national Edward R. Murrow Awards.
In a statement announcing the sale Monday, Benson said that he bought WVUE at a point "when the station did not have other viable suitors" and that he worked to re-establish it as a "premier news entity" in New Orleans.
“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. "They have been a great partner over the last few years and have shown remarkable dedication and commitment to our community."
Benson — who also owns the Saints and the New Orleans Pelicans — said he plans to retain a minority stake in the station.
Speculation about a potential WVUE sale to Raycom has swirled off-and-on since 2013. Instead, Benson in that year unveiled a "shared-services agreement" for Raycom to operate the station in a manner that would allow it to remain locally-owned and "expand its regional opportunities," according to a news release at the time.
The Alabama-based Raycom, which is privately controlled, owns or provides services for 63 television stations and two radio stations in 42 markets across 20 states.
In a series of messages posted Monday on Twitter, Saints senior vice president of communications Greg Bensel noted that Benson "turns 90 in July and has no plans of slowing down," adding that "more business investment (is) coming for our city."
The New Orleans Advocate reported last week that Benson is exploring the possibility of acquiring a majority stake in Dixie Brewing Co., the century-old New Orleans icon that's largely fallen out of sight since Hurricane Katrina left its Tulane Avenue brewery in 10 feet of water.
