TV Station Consolidation Slowed In Second Quarter – Kagan

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Broadcast station M&A volume reached $1.85 billion in the second quarter, about $2 billion less than the year-earlier period, according to market-research firm SNL Kagan, when $3.88 billion of broadcast stations traded hands.

The pace of consolidation slowed in the TV station market owing to recent regulatory moves by the Federal Communications Commission, Kagan suggested in a news release Wednesday.

In the largest TV transaction of the quarter, 21st Century Fox traded its owned-and-operated affiliates in Boston and Memphis for Cox Enterprises’ Fox affiliate in San Francisco together with an independent station in the same market. The largest “non-swap” deal was Gannett Co.’s $215 million acquisition of six stations from London Broadcasting Co., Kagan said.

Broadcast deal volume year to date rose to $5.44 billion, Kagan said, compared with $6.56 billion in the first half of 2013. A total of 613 stations have traded in 2014 to date, Kagan said, of which 449 were radio outlets and 164 were TV stations. The average TV station price in the first half of the year was $46.5 million, compared with $2.3 million for the average radio station.

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