TV News Check

Station Trading Roundup: 3 Deals, $87.3M

The sale of WGN Chicago by Sinclair Broadcast Group to WGN TV LLC tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA/Kelsey.

By Staff | March 6, 2018 | 7:01 p.m. ET.

WGN Chicago — PRICE: $60,000,000 BUYER: WGN TV LLC (Steven Fader, president/sole member) SELLER: Sinclair Broadcast Group (Christopher Ripley, president/CEO) FACILITIES: DTV Ch. 19, 645.000 kW, ant. 1,486 ft. AFFILIATION: IND COMMENT: The assignment will take place immediately prior to the closing of the Sinclair-Tribune merger transfer of control.

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WPIX New York — PRICE: $15,000,000 BUYER: Cunningham Broadcasting (Michael Anderson, president) SELLER: Sinclair Broadcast Group (Christopher Ripley, president/CEO) FACILITIES: DTV Ch. 11, 7.500 kW, ant. 1,329 ft. AFFILIATION: CW COMMENT: The assignment will take place immediately following the transfer of control of WPIX from Tribune to Sinclair.

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WJAX Jacksonville, Fla. — PRICE: $12,272,000 BUYER: Hoffman Communications (Bill Hoffman, president) SELLER: Bayshore Television LLC (Bruce Baker, sole member) FACILITIES: DTV Ch. 19, 1000.000 kW, ant. 955 ft. AFFILIATION: CBS COMMENT: Total consideration for the sale shall consist of buyer’s assumption of the outstanding principal balance of approximately $12,172,000 due and payable by seller to its lenders plus the payment to seller at closing of $100,000.

Cheryl Thorne says:

March 7, 2018 at 4:39 pm

This is astounding…15 million for a station in NY and 12.3 million for a station in Jacksonville..What the H has happened to the Local TV business and what am I missing??? Lets say they are doing multiples of 6 times cash flow
That means KPIX has profits of 2-3 million and WJAX about the same..What did Tribune do to that station????

Cheryl Thorne says:

March 7, 2018 at 5:17 pm

Just amazing…….NY used to be a 1 billion or more local Tv Market ..Even if that’s dropped say 20 % over the past 5-10 years that means KPIX is taking a 2-3 share..??Unless they are not factoring in Digital and other top line revenues or have set up another company for that but then would that not still figure into the sales price..??? What am I missing here??

Comments (17)

Patrick Burns says:

March 7, 2018 at 3:21 pm

How can WGN fetch way more than WPIX which is in mkt # 1 and WGN in # 3

Plus these prices seem oddly way way to low !!!

Just wondering !!

March 7, 2018 at 4:41 pm

I think it is digital and the huge impact of OTT viewing in prime to Netflix.
Plus no one talks about it but cable ad inserts & NCC sell a boatlaod of time that used to go to the BIG 4

The times are changing very quickly !!!

Trudy Handel says:

March 8, 2018 at 5:42 am

You’re missing that the sale is a transparent attempt to circumvent the ownership rules. Why would you want to charge yourself a ton of money for a station you’re planning to keep under your control?

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