In what would be the latest in a series of transactions, Sinclair Broadcast Group will add several more stations to its rapidly expanding station portfolio, according to industry sources. No word on yet on price.
Sinclair Targets Titan Television For Next Buy
Sinclair Broadcast Group is poised to add Titan Television Broadcast Group (TTBG) to its rapidly expanding portfolio, according to multiple sources.
If the deal’s financials conform to recently disclosed transactions, the group should go for a seller multiple of roughly 7-8 times cash flow. It’s unclear how that translates into an actual dollars. The parties were not talking.
David Smith, CEO of Sinclair, declined to comment. Steve Pruett, recently hired by Sinclair to manage its growing small-market portfolio, was unavailable for comment. Bert Ellis, a principal at TTBG along with Dan Sullivan, declined to comment. Lee Ann Gliha of Houlihan Lokey, the brokerage representing TTBG, also declined to comment.
The TTBG acquisition would be the latest in a string for Sinclair, the most active buyer. In the past two years, it has spent roughly $1.5 billion, purchasing Freedom for $385 million, Four Points for $200, Newport for $467 million, and, most recently, Barrington for $370 million and four Cox stations for $99 million.
TTBG’s portfolio includes stations in at least four markets: KMPH, a Fox affiliate, and KFRE, a CW affiliate, in Fresno, Calif. (DMA 55); KPTM-KXVO, a Fox-CW combo in Omaha, Neb. (DMA 75); KDBC, a CBS affiliate in El Paso, Texas (DMA 91); and KPTH-KMEG, Fox and CBS affiliates, respectively, in Sioux City, Iowa (DMA 147). (Editor’s note: In the original posting, this story incorrectly said that the group also included KTNC San Francisco and KUBE Houston. Those station were sold earlier this year to NRJ Ventures.)
Along with his interests in TTBG, Ellis also is part of Titan Broadcast Management. Properties under its management include stations purchased by NRJ TV. NRJ, whose other principals are Ted Bartley and Larry Patrick, has been purchasing stations over the past few years in a play intended to cash in on an FCC incentive auction now slated for next year.