Tegna, Hearst and EW Scripps are all planning on submitting final offers for Cox Media Group’s 14 TV stations at the end of January, according to people familiar with the matter. Final bids are due by Jan. 30, said the people, who asked not to be named because the process is private. A deal could fetch more than $2 billion, and possibly close to $3 billion, the people said.
In the largest deal of the quarter and year, Nexstar Media Group announced on Dec. 3 that it would acquire all of Tribune Media’s assets for $46.50 per share. Kagan estimates the broadcast assets to be worth $3.51 billion.
In wrapping up its $3.6 billion purchase of Raycom Media, it expands its footprint to 91 markets and 24% of TV homes. In connection with the merger, Gray and Raycom also completed the divestitures of nine stations in overlap markets to Tegna, Scripps and Lockwood.
The spinoffs from the Gray-Raycom merger brings Scripps’ holdings to 36 TV stations in 26 markets and gives Scripps its first stations in Texas and expands its Florida presence.
The sale of WSWF-LD Orlando, Fla., from Charles S. Namey to Major Market Broadcasting tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
The $3.6 billion merger creates another TV mega-group with stations in 92 markets reaching 24% of TV homes (or 17% with the UHF discount the FCC uses in calculating compliance with its 39% ownership cap).
Gray and Raycom must divest television stations in nine markets to receive approval of the $3.6 billion merger.
With the closing of the $8 million sale of eight stations to Lotus Communications, Scripps has gotten out of the radio station business. Selling all its stations brought in $83.5 million.
The sale of WHDT Stuart, Fla., from Günter Marksteiner to E.W. Scripps Co. tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
Armstrong Williams: “The Nexstar-Tribune merger presents a similar opportunity to advance minority ownership and opportunity, and the FCC DOJ should take full advantage of the chance.”