Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, May 12, 1995 TAG: 9505120026
SECTION: BUSINESS PAGE: A-17 EDITION: METRO
SOURCE: STAFF AND WIRE REPORTS
DATELINE: ITHACA, N.Y. LENGTH: Short
The Ithaca, N.Y.-based company will be owned by Donald Tomlin and Gary Knapp effective immediately, the company said. Tomlin, of Columbia, S.C., and Knapp, of Lexington, Ky., headed the investment holding company Park Acquisitions, which bought Park Communications.
Among its holdings are WSLS (Channel 10) in Roanoke, television and radio stations in Richmond, and newspapers in Waynesboro and Manassas. The company put itself up for sale in March 1994 after the death of its founder and chairman, Roy H. Park.
WSLS General Manager Randy Smith said Thursday he anticipated no major personnel or programming changes after the sale. Routine contract renewal negotiations are under way with the NBC television network, Smith said, but that is unrelated to the change in ownership.
Top management of stations frequently is changed after a sale, but Smith said in this case the two investors have told managers "we are what they are buying." Since the new company is composed of only two people, "it's not as if they have a big staff ready to move into management positions at the stations," Smith said.
As a result of the sale, Park Communications will no longer be a public company and will be taken off the Nasdaq stock exchange.
Park will continue to own and operate nine television stations, 22 radio stations and 107 newspaper publications in 21 states.
Roy H. Park died in October 1994 at the age of 83.
by CNB