US broadcast station mergers and acquisitions (M&A) raised $5.11 billion in the second quarter of 2018 with over $5.01 billion attributed to TV station sales, according to S&P Global Market Intelligence.
This is the largest quarterly deal volume since the second quarter of 2007, according to the research group.
Gray Television’s acquisition of Raycom Media for $3.65 billion was one of the major drivers contributing to the comparatively high quarterly figure.Raycom owns the licenses for 49 full-power and eight low-power TV stations and provides programming for an additional 14 stations.
“We estimate the value of the TV stations at $3.44 billion, making this the eighth-largest US TV station deal of all time and the largest since last year’s merger of Tribune Media Company and Sinclair Broadcast Group Inc.,” said S&P.
Other large TV transactions were Gray Television’s $32.5 million purchase of KDLT-TV from Red River Broadcast Company and the $11.5 million sale of WMDE-DT in Washington, D.C., from Western Pacific Broadcast LLC to WRNN-TV Associates LP.
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