NEW YORK, Oct. 30, 2020 /PRNewswire/ — U.S. broadcast station mergers and acquisitions (M&A) volume reached a total of $534.7 million in the third quarter of 2020 as tracked by Kagan, a media research group within S&P Global Market Intelligence. This level of activity constitutes a substantial rebound from $90.3 million in the second quarter, an all-time low attributable to the COVID-19 pandemic.
The largest share of the deal volume came from the TV station part of E.W. Scripps Co.’s acquisition of ION Media Holdings Inc., announced Sept. 24. At an 8.7x forward seller’s multiple, ION’s 71 TV stations are worth $338.0 million.
The second-largest TV deal was a purchase option for New York’s WPIX-DT. In July, Nexstar Media Group Inc. transferred that option to its partner Mission Broadcasting Inc., which exercised the option for $75 million plus accrued interest.
In August, SJL Broadcast Management Corp. announced the sale of three Hawaiian TV stations to Entertainment Studios Inc. for $30.0 million.
In the quarter’s largest deal involving a single TV station, TEGNA Inc. in September announced the purchase of Estrella Media Inc.’s KMPX-DT in the Dallas-Ft. Worth market for $19.0 million.
The top radio deal of the quarter was the announced $8.5 million sale of New York AM station WWRL, coming with an FM translator, from NJ Broadcasting LLC to iHeartMedia Inc.
The second- and third-largest radio deals of the quarter both took place in the non-commercial realm, with Educational Media Foundation Inc. the buyer in both deals. In July, Educational Media Foundation announced the $3.4 million purchase of nine FM stations from entities owned by George Flinn Jr. In September, in the largest single-station deal of the quarter, CRISTA Ministries announced the sale of FM station KFMK in the Austin, Texas, market for $6.0 million or $2.67 per pop.
63% of the quarter’s deal volume came from the top deal, Scripps’ acquisition of ION. Still, the other 123 transactions in the third quarter added $196.7 million to the total. That total amounts to more than twice the total second-quarter volume.
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information. We integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment ideas, perform valuations and assess credit risk. Investment professionals, government agencies, corporations and universities around the world use this essential intelligence to make business and financial decisions with conviction.
S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. S&P Global has been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. For more information, visit www.spglobal.com/marketintelligence.
Media Contact
Amanda Oey
S&P Global Market Intelligence
Amanda.oey@spglobal.com
(212) 438-1904
Regulators authorized AstraZeneca’s coronavirus vaccine for use in adults throughout the European Union on Friday, amid criticism the bloc is not moving fast enough to vaccinate its population.
WASHINGTON (AP) — A former FBI lawyer was sentenced to probation for altering an email that the Justice Department relied on during its surveillance of an aide to President Donald Trump during the Russia investigation.
MADISON, Wis. (AP) — Democratic Gov. Tony Evers lashed out Friday at rival Republicans who tried to repeal his statewide mask mandate, saying killing the order would be a ridiculous move comparable to abolishing speed limits.
COLUMBIA, S.C. (AP) — As some conservatives in South Carolina celebrated getting a bill that would ban almost all abortions in the state past a legislative barrier and likely becoming law, they said they are not finished trying to end all abortions.
A Moscow court on Friday put the brother and several allies of Russian opposition leader Alexei Navalny under house arrest for two months as authorities sought to stymie more protests over the jailing of the top Kremlin foe.