Progress Partners advises LSN Mobile on sale to Raycom Media
Progress Partners is pleased to announce its role as the exclusive sell-side advisor to LSN Mobile, of which select assets have been acquired by Raycom Media. Nick MacShane of Progress Partners led the process.
Purchased assets relating to LSN’s technology and intellectual property will assist Raycom’s Atlanta-based innovation group in its expansion of multi-platform offerings into additional content areas. As part of the transaction, several key members from LSN will work with Raycom to focus on developing its digital business. This includes Pascal Racheneur, who led LSN’s product and technology team, joining Raycom to lead its digital video solution offerings.
LSN’s CEO Louis Gump, who played a key role in the transaction, noted that “Nick and his team were extremely thorough in their process and had a deep understanding of the market and buyer set.”
Nick MacShane commented “We are very happy to have found a good home for LSN with such a well-respected participant in the broadcast media market that has clear interest in multi-platform distribution.”
About LSN Mobile
LSN Mobile is a mobile media and advertising company that connects local mobile media with consumers and advertisers in uniquely valuable ways. Representing companies with locally relevant content, including leading affiliates from networks including ABC, NBC, CBS, Fox and Univision, LSN Mobile’s local media network offers news, weather, sports and more to millions of mobile users in both English and Spanish. LSN Mobile’s apps for iPhone and Android platforms are among the top free downloadable local news applications.
About Raycom Media
Raycom Media was created in 1996 with the purchase of 15 television stations, two radio stations, and a sports marketing, production, events management, and distribution company. Shortly after this first acquisition, Raycom Media quickly acquired two other companies and began an unheard of growth in the media business. Raycom, an employee-owned company, is one of the nation's largest broadcasters and owns and/or provides services for 53 television stations in 36 markets and 18 states. Raycom stations cover 12.6% of U.S. television households and employ nearly 3,800 individuals in full and part-time positions.