QUINCY — The Board of Directors of Quincy Media Inc., the company that owns The Herald-Whig, Hannibal Courier-Post and WGEM-TV-AM-FM, has begun marketing the company for sale. QMI President and CEO Ralph M. Oakley announced the move Thursday morning.
“We think the timing is right for our shareholders,” said Oakley, who is also a member of the QMI board. “We are very proud of our nearly 100-year history of the Oakley and Lindsay families working together to build a multimedia company that has served its communities with distinction. We are also very proud of the over 1,000 of our colleagues who work in the company and their outstanding contributions.”
Oakley said the broadcast stations will be marketed as a group and the newspapers will be sold separately. The sales process will likely take several months.
Quincy Media Inc. began as Quincy Newspapers Inc. in 1926 with the merger of the Quincy Herald and the Quincy Whig-Journal. It brought together the Oakley and Lindsay families, who represent a great majority of the nearly 100 owners of QMI. Quincy Newspapers became Quincy Media in 2016.
Several generations of both families have been active in the company through employment, ownership and/or board service, with family members continuing to serve in those same capacities today.
“Our board thought long and hard about this, considering many, many factors over an extended period of time,” Oakley said. “At the end of the day, we decided this was the best thing to do for our shareholders, even though the company has been and continues to be very successful in terms of serving its markets, its leadership position within those markets and in continued excellent financial results.”
QMI owns and operates television stations in 16 markets with nearly 100 program streams, two newspapers in one market, two radio stations and digital platforms.
Other television stations include KBJR (NBC/CBS/CW) in Duluth, Minn.; KTIV (NBC/CW) in Sioux City, Iowa; KTTC (NBC/CW) in Rochester, Minn.; KVOA (NBC) in Tucson, Ariz.; KWWL (NBC/CW) in Waterloo, Iowa; WAOW/WYOW/WMOW (ABC/CW) in Wausau, Wis.; WBNG (CBS/CW) in Binghamton, N.Y.; WEEK (NBC/ABC/CW) in Peoria, Ill.; WKOW (ABC) in Madison, Wis.; WPTA (ABC/NBC/CW) in Fort Wayne, Ind.; WXOW/WQOW (ABC/CW) in La Crosse-Eau Claire, Wis.; WREX (NBC/CW) in Rockford, Ill.; WSIL (ABC) in Harrisburg, Ill.; WSJV in South Bend, Ind.; and WVVA (NBC/CW) in Bluefield, W.Va.
QMI also operates KXLT (FOX, owned by Sagamore Hill) in Rochester, Minn., through a shared services agreement.