Granite acquires NBC, CBS affils

Meredith Corp. will sell a Fresno NBC affiliate and a Syracuse, N.Y., CBS affiliate to Granite Broadcasting Corp.

Granite acquires Syracuse CBS affil WTVH and Fresno NBC affil KSEE for $ 32 million in cash and a tax certificate.

The two stations serve the 57th- and 66th-ranked Nielsen television markets, and together they will increase Granite’s annual revenue base about 50%.

Last year, Granite rang up $ 36 million in revenues. KSEE is expected to do $ 9 million in revenues for 1993 and WTVH another $ 10 million, said Bishop Cheen, an analyst at Paul Kagan Associates; Granite is likely paying less than eight times cash flow, which is reasonable for the stations.

Meredith said the tax certificate “works to our advantage only if we acquire another broadcast property within the next two years. We hope that conditions will exist to purchase another network-affiliated property in a top 40 market.”

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More TV News from Variety