The Communications Corp. of America station group is the latest to hang out the For Sale sign, with Houlihan Lokey looking for buyers for the 25 properties in 10 markets.
CCA Puts Its 25 Stations On The Market
Communications Corp. of America (CCA) is the latest group owner to put its stations on the market, according to a source. CCA’s portfolio comprises 25 stations, in 10 medium-size markets in Texas, Louisiana and Ind., including Fox, NBC, CBS, MNT and Estrella affiliates.
Investment banking firm Houlihan Lokey has been retained by CCA. Neither CCA or Silver Point Capital would comment.
TVNewsCheck reported last May that CCA and Granite Communications, both owned by Silver Point Capital, “reportedly have recapitalized and are ready to sit it out until somebody offers something closer to the asking price multiple of around 9 times cash flow.”
Last Thursday, Fisher Communications announced it was exploring options including selling its stations. And back in November TVNewsCheck reported that Bob Pittman’s Pilot Group has been shopping its TV station group, Barrington Broadcasting, with Sinclair and Nexstar likely bidders.
Last year saw a spate of TV station sales activity. Newport Television spun off its stations to multiple buyers. Nexstar and alter-ego Mission bought the most Newport stations, 14 in 10 markets for $320.9 million — adding two later to the initial dozen — but Sinclair focused on the larger Newport markets and spent the most money. Including a recent add-on deal to buy WHAM Rochester, N.Y., for $54 million, Sinclair and virtual duopoly partner Deerfield Media paid $466.5 million for six stations and rights to operate two other stations in the same markets.
Cox Media Group and new virtual duop partner Bayshore Television bought four Newport stations in two markets for $235 million. WXXA Albany, N.Y., went to Shield Media for $19.5 million to enter into a virtual duop with Young Broadcasting’s WTEN. And the sale of KMTR Eugene, Ore. for $8.5 million to Roberts Broadcasting was recently announced, which will create a virtual duopoly with Fisher’s KVAL.
That brought the Newport sale total to $1,050,400. Since Newport had previously sold off five of the former Clear Channel stations for $50.2 million, it ended up right back at the $1.1 billion it paid for the group, with maybe a tiny profit.
Last year’s other big deal was LIN Media’s purchase of the eight New Vision stations and the rights to operate three virtual duop stations. LIN paid $342 million.