Tom Benson sells majority stake in WVUE-Fox 8 to Raycom
 

Tom Benson is selling off his majority stake in WVUE. The Benson-owned Louisiana Media Company has reached an agreement to sell its majority ownership to Raycom Media, which has been operating the local Fox affiliate since 2013, according to an announcement released late Monday.

Financial details of the agreement have not been disclosed. Benson, the billionaire local businessman who owns the NFL's Saints and NBA's Pelicans franchises, plans to retain partial ownership in the station.

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WVUE and NOLA.com | The Times-Picayune have been newsgathering partners since 2013.

Benson has been majority owner of the local station since 2008, when he purchased it for $41 million from Emmis Communications in the wake of Hurricane Katrina. That purchase was notable in that it made WVUE the only major broadcast affiliate in New Orleans to be locally owned.

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Re: Tom Benson sells majority stake in WVUE-Fox 8 to Raycom
 

Can you say... The San Antonio Wetbacks?

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Re: Tom Benson sells majority stake in WVUE-Fox 8 to Raycom
 

Cool, now some liquidity!

Re: Tom Benson sells majority stake in WVUE-Fox 8 to Raycom
 

Buy low and sell high.