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Raycom Media
Raycom Media is the investment platform of James G. Kellner, operating post the $3.65B sale of its core broadcast group to Gray Television in 2019.
Raycom Media
Raycom Media was founded in 1998 by James G. Kellner and a group of investors, consolidating a portfolio of local TV stations across the southern United States. The firm operated as a broadcast holding company, eventually growing to own or operate 65 television stations in 44 markets. In 2019, the core station group was sold to Gray Television for $3.65 billion (per SEC filing, 2019), shifting Raycom's identity toward a family-office investment entity. Post-sale, the firm maintains investments across media, real estate, and private equity. It has held interests in digital media platforms (including Raycom Sports) and operates real estate holdings in the southeastern US. The investment approach blends direct co-investments with fund commitments, focusing on cash-flowing assets and opportunistic real estate. Raycom's geographic footprint centers on the US Southeast and Midwest. The Montgomery-based office manages the Kellner family's capital, with additional presence in Cleveland, Ohio. The firm is not a registered investment adviser and does not publicly disclose AUM or deployment figures. Philanthropic activities are directed through the Raycom Foundation, which supports education and community development in the firm's operating markets. Raycom's structural differentiator is its transition from a broadcast operating company to a pure family-office investment vehicle — a rare completed cycle that creates a mandate free of outside limited partners and free to pivot between asset classes as the principals see fit. The succession plan appears centered on the next generation of the Kellner family, with James G. Kellner remaining actively involved as Chairman.
General information
Firm type
Single Family Office
Year founded
1998
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Montgomery
Corporate office
Montgomery, Alabama, United States
Additional offices
Cleveland, Ohio, United States
Principals
Paul S. (Pete) Manns
Chief Executive Officer
John M. Bibb
Chief Financial Officer
James G. Kellner
Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at Raycom Media?
James G. Kellner serves as Chairman and is the family principal behind the office. Paul S. (Pete) Manns is CEO and handles day-to-day operations, while John M. Bibb oversees financial strategy as CFO. The firm operates with a lean senior team, typical of a single-family office.
How did Raycom Media generate its wealth?
The wealth originates from James G. Kellner's success in building Raycom Media into a major US television station operator over two decades. The firm's largest liquidity event was the 2019 sale of the core broadcasting unit to Gray Television for $3.65 billion (per SEC filing, 2019).
Is Raycom Media a single-family office or an operating company?
Raycom Media today functions as a single-family office investment entity, but retains historical ties to its former broadcast operations. It is no longer a broadcaster, but the Raycom name persists for the investment platform and the Raycom Foundation.
What investment stages and sectors does Raycom Media target?
The firm favors direct co-investments and fund commitments in private equity, real estate, and media-related assets. It focuses on cash-flow-generating businesses and opportunistic real estate in the US Southeast and Midwest. No public data specifies stage preference, but the portfolio suggests a bias for established, income-producing ventures.
Does Raycom Media have a philanthropic arm?
Yes. The Raycom Foundation, established by the Kellner family, supports education, community development, and charitable causes in markets where the firm previously operated. It is structured separately from the investment entity.
How does Raycom Media source proprietary deal flow?
The firm leverages its legacy network from the broadcasting industry and relationships with regional banks and private equity firms in the Southeast. It does not maintain a large external-facing sourcing team, consistent with its family-office posture.
What is Raycom Media's known posture on co-investments?
Raycom Media participates in direct co-investments and fund-level commitments, particularly in private equity and real estate. It typically invests alongside GPs it knows, maintaining a concentrated partnership approach rather than a broad-fund strategy.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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