SNL Kagan Releases Report On Q1 Radio Station Sales
April 8, 2014

SNL Kagan has released its report on broadcast station transactions for 2013, with overall M&A volume reaching $3.65 billion in Q1 2014, up from $2.68 billion in Q1 of 2013. A total of 309 stations were traded, of which 202 were radio and 107 were TV stations. The average TV station price in Q1 was $31.1 million, vs. $1.6 million for radio stations.

Radio deal volume exceeded $300 million for only the third time in the last eight quarters. The top deal was the $131 million / 8.5x cash flow sale of New York's WBLS-AM/FM from YMF Media LLC to Emmis Communications Corporation, followed by the $74 million sale of ten stations from South Central Communications Corporation to SummitMedia, LLC. Compared to the 2013 average of 7.0x, the average radio cash flow multiple rose by half a point in Q1 14.

The outsize radio deal volume in 2011 was due to the Cumulus/Citadel deal valued at $2.28 billion and the Hubbard/Bonneville transaction at $505 million.

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Manny Simon
VP/Adult Formats,
Republic Records

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