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RESEARCH TRIANGLE PARK, December 2005-- Capitol Broadcasting of Raleigh has acquired Local Tech Wire, a four-year-old business web site devoted to coverage of the high-tech and life-science sectors in the Carolinas and Georgia.
Local Tech Wire becomes part of Capitol's New Media Group and will be known as WRAL Local Tech Wire. Capitol assumes control of LTW effective Dec. 1.
Capitol Broadcasting operates WRAL-TV, WRAL-FM, WRAZ-TV, and WCMC-FM in the Triangle market. Its web site, WRAL.com, has won numerous awards and is the most popular site in the market. Capitol also operates television stations in Charlotte and Wilmington and is the owner of the Durham Bulls.
Financial terms were not disclosed.
"Local Tech Wire has clearly established itself as the best single source for coverage of high-tech, life-science and venture-capital financing across the footprint of the Carolinas and Georgia," said Jimmy Goodmon, vice president and general manager of CBC New Media Group LLC. "We see the addition of LTW as being a significant boost to our company's digital media efforts. The content is rich and there is a clear need in the marketplace for this information. With an influx of additional resources, we believe LTW will draw even more readers and sponsors." Entrepreneurs based in Charlotte and Raleigh owned local Tech Wire, which launched in January 2002. As part of the transaction, Rick Smith, the managing editor of LTW and one of the company's founders, will join CBC New Media Group as general manager and editor of WRAL Local Tech Wire.
"Our original vision was to provide a vehicle for reporting on the technology and life science industries in the Carolinas and Atlanta. After four roller-coaster years, we believe we have accomplished our vision," said Andy Agrawal, a Charlotte entrepreneur and one of LTW's founders. "The acquisition of this venture by a Capitol Broadcasting truly validates this conclusion. We are grateful for the support of our sponsors and loyal following and look forward to Capitol taking LTW to a whole new level."
"As entrepreneurs ourselves, we were able to bring a unique perspective and view from the trenches to our audience which we believe distinguished us from our competitors and generated a very loyal and deep readership. From its launch, Local Tech Wire remained committed to its vision of covering emerging and established technology and life science companies as well as the venture capital and other financing of those firms," Smith said. "As part of Capitol Broadcasting, WRAL Local Tech Wire will remain an important player in coverage of the technology community that is so important to the future of North Carolina, the Southeast and our country."
Capitol Broadcasting Company, Inc. is a diversified communications company which owns and/or operates WRAL-TV, WRAL Digital, WRAL-FM, WRAL-HD2, WCMC-FM, Microspace, the North Carolina News Network, CBC New Media Group and Wolfpack Sports Marketing in Raleigh; WJZY-TV and WWWB-TV in Charlotte; WILM-TV in Wilmington; WRAZ-TV and The Durham Bulls in Durham; the Myrtle Beach Pelicans Baseball Club in Myrtle Beach, S.C.; and real estate interests including the American Tobacco Project and Diamond View office building in Durham. LTW is a web site devoted to coverage of the high-tech and life-science sectors in the Carolinas and Georgia. Since its inception, the site has published nearly 13,000 articles including in-depth profiles, commentary and coverage of venture capital deals.