Boston Channel 25 News Bought By Hedge Fund Standard General (2024)

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WFXT is the largest Fox affiliate by market size that is not owned and operated by the network.

Posted Tue, Feb 22, 2022 at 2:24 pm ET|Updated Tue, Feb 22, 2022 at 3:32 pm ET

Cox Media Group is selling the Dedham-based television station in exchange for Standard General-owned ABC6 News, which is licensed out of New Bedford, with stations in Rhode Island, Kentucky, Missouri, and Nebraska.

In return, a Standard General affiliate will acquire Cox Media Group's WFXT/Boston as the anchor of a new station group.

Financial details of the arrangement were not disclosed.

"We are delighted to be acquiring WFXT/Boston, which will serve as a foundation for our new station group and provide our new company with a historic legacy from its very start," Standard General founding partner Soo Kim said in a press release Tuesday.

Kim will serve as chairman and Deb McDermott will become CEO of the new entity that will own and operate the new station group out of the Dedham location.

WFXT is the largest Fox affiliate by market size that is not owned and operated by the network, although it was previously owned by Fox until Cox Media Group acquired the station in 2014.

"We will miss the dedicated team at WFXT Boston25, but we know they will form an ideal foundation for Standard General's new company and its further growth," Cox Media Group's President and CEO Dan York said.

Following the close of those two transactions, the Standard General affiliate will acquire TEGNA, in a take-private $5.4 billion deal that Standard General and TEGNA separately revealed today. Cox Media Group will also take five of TEGNA's Texas-based stations.