ATLANTA, April 18 -- New World Communications Group Inc. announced Tuesday that it had completed the acquisition of Argyle Television Holding Inc. and its subsidiaries. The purchase, pursuant to approval by the Federal Communications Commission, includes four VHF television stations: KDFW-TV Dallas, KTBC- TV Austin, Texas, KTVI-TV St. Louis, and WVTM-TV Birmingham, Ala.
New World paid Argyle's securities holders $467 million, of which $100 million had been paid in 1994 in order to secure an option on these securities. New World's cost of acquisition also includes Argyle's approximately $280 million bank debt. The acquisition gives New World a total of 12 stations that serve TV markets covering more than 14 percent of total U.S. TV households. New World will operate the former Argyle stations under the New World name. KDFW, KTBC and KTVI are expected to become Fox affiliates by the summer. WVTM will remain an NBC affiliate. Atlanta-based New World is a vertically integrated television entertainment company with subsidiaries that own and operate broadcast stations, develop and produce first-run syndicated and network programming, distribute and syndicate programming to domestic and international markets, and market advertising time for its programming and broadcast properties.