S&P Global Market Intelligence and it's Kagan unit, reports broadcast deals in the third quarter of 2022 reached $68.7 million in the radio market and $14.3 million in the TV section.
Kagan registered six radio transactions of $10 million or higher this year. Three of them were announced in the third quarter, doubling the number of high-value deals.
The top radio deal of the quarter was a transaction five years in the making. In September, 2017, Dick Broadcasting Company of Tennessee announced plans to buy 18 radio stations in three small markets in Georgia and in the Carolinas from Alpha Broadcasting. The deal was valued at $19.5 million when it was announced, but it never closed. However, Dick Broadcasting operated the stations under a local marketing agreement (LMA).
In August, 2022, a new agreement was filed with the FCC, listing an initial purchase price of $17.85 million. The price will be adjusted taking into consideration the 2021 LMA fees.
In the second-largest radio deal of the quarter, Adams Radio paid $12.6 million for all 15 full-power and three low-power stations owned by Adams Radio Group. Adams Radio Acquisition is led by Adams Radio Corp. and Adams Broadcast Group former Chairman Stephen Adams.
In Puerto Rico, Hemisphere Media Group Inc. paid $10 million for TelevisaUnivision. subsidiary Univision of Puerto Rico Inc., which operates three AM and two FM stations in all three major Puerto Rican cities, San Juan, Ponce and Mayaguez.
The largest single station deal of the quarter was Triangle Marketing Associates Inc.'s sale of Country WKJO-FM in Raleigh-Durham to Curtis Media Group. Raleigh is Curtis Media's home base. The company already owns four AM and two FM stations in the market. To comply with FCC ownership caps, WKJO will be licensed to FM 102.9 LLC.
The top radio deal of the quarter was a transaction five years in the making. In September, 2017, Dick Broadcasting Company of Tennessee announced plans to buy 18 radio stations in three small markets in Georgia and in the Carolinas from Alpha Broadcasting. The deal was valued at $19.5 million when it was announced, but it never closed. However, Dick Broadcasting operated the stations under a local marketing agreement (LMA).
In August, 2022, a new agreement was filed with the FCC, listing an initial purchase price of $17.85 million. The price will be adjusted taking into consideration the 2021 LMA fees.
In the second-largest radio deal of the quarter, Adams Radio paid $12.6 million for all 15 full-power and three low-power stations owned by Adams Radio Group. Adams Radio Acquisition is led by Adams Radio Corp. and Adams Broadcast Group former Chairman Stephen Adams.
In Puerto Rico, Hemisphere Media Group Inc. paid $10 million for TelevisaUnivision. subsidiary Univision of Puerto Rico Inc., which operates three AM and two FM stations in all three major Puerto Rican cities, San Juan, Ponce and Mayaguez.
The largest single station deal of the quarter was Triangle Marketing Associates Inc.'s sale of Country WKJO-FM in Raleigh-Durham to Curtis Media Group. Raleigh is Curtis Media's home base. The company already owns four AM and two FM stations in the market. To comply with FCC ownership caps, WKJO will be licensed to FM 102.9 LLC.
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