MONTEREY, Calif., Oct. 2, 2019 /PRNewswire/ -- U.S. broadcast
station mergers and acquisitions (M&A) volume reached a total
of only $215.1 million in the third
quarter of 2019 as tracked by Kagan, a media research group within
S&P Global Market Intelligence. This is the lowest quarterly
deal volume since the fourth quarter of 2016.
In the radio business, the largest deal of the quarter took
place in New York, where Emmis
Communications Corp. partnered with investment firm Standard
General L.P. and founded a new public company, Mediaco
Holding, which will own and operate Emmis FM stations WBLS
and WQHT. Standard General will pay $91.5
million in cash and a $5
million note receivable to Emmis, while Emmis will have a
23.7% minority stake in the new company.
The second-largest deal was Stephens Media Group's acquisition
of Mapleton Communications, which agreed to sell its 29 FM and
eight AM stations, together with a number of boosters and
translators, for $21.0 million.
Another $16.9 million was added to
the radio deal volume through the sale of 12
AM stations and seven FM translators from Salem Media Group
to Starboard Media Foundation, the parent company of Immaculate
Heart Media. The deal was announced in two parts, with four AM
stations and three translators sold for $8.2
million in July, followed by eight AM stations and four
translators for $8.7 million in
August.
In the TV sector, the only major deal of the quarter was the
announced sale of KMBH-DT in Harlingen,
Texas, from MBTV Texas Valley LLC to Entravision
Communications Corporation for $2.9
million.
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SOURCE S&P Global Market Intelligence