Feb 23
2022
Changes afoot at WGRZ
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Big doings this week at WGRZ.
Tuesday came the announcement that the station’s parent company, TEGNA, has been sold, pending approval by shareholders and the FCC. The buyer, Standard General, a hedge fund, presently owns just a handful of television stations; TEGNA consists of 64 stations, three of which will be sold as part of the transaction.
TEGNA, NextStar and Sinclair, are considered the “Big Three” of television chains.
Standard General is presently TEGNA’s largest shareholder. Ownership of the stations will go private when the transaction is finalized, which is expected in the second half of this year. The Manhattan-based firm’s other holdings include Bally’s Corp., whose properties include 14 casinos.
In-depth coverage of the sale has been reported by Poynter, the New York Post and Bloomberg. TEGNA spelled out the financial details of the transaction in a press release.
What new ownership means for WGRZ in the long-run is unclear, although no major changes are expected in the near term. The station’s news operation is locked in a ratings battle with WIVB, Channel 4, although WGRZ’s viewer demographics are better.
In an unrelated, but noteworthy development, station President Jim Toellner announced Wednesday the return of Jeff Woodard as news director. Woodard held the position from 2008 to 2016, a period Toellner described in an email to staff as “truly our halcyon days.”
“During that time we had a major and sustained growth period in ratings and news share, taking us to the unchallenged number one position in the market.”
Toellner noted the numerous journalism awards the station won under Woodard’s leadership and added: “Jeff also was an attractor and developer of strong talent.”
Among his recruits was Investigative Post. Woodard contacted Editor Jim Heaney within hours of the launch of iPost’s website in 2012 and the two quickly struck a deal.
“I’m elated that ‘Woody’ is returning to Channel 2,” Heaney said. “He and I enjoyed a great working relationship and I expect we’ll pick up where we left off.”
Woodard returns after a stint at SUNY Fredonia, where he served as director of Marketing and Communications. He starts at WGRZ the week of March 21.
Coincidentally, Heaney and Toellner signed a contract last week that continues the partnership for another three years. (Toellner is retiring April 1.)
Investigative Post celebrated its 10-year anniversary Tuesday.
