U.S. Broadcast Station M&A Volume Reaches Nearly $9 Billion

MONTEREY: Broadcast station M&A volume in the U.S. reached $8.77 billion in 2014, including $1.3 billion worth of station swaps, according to SNL Kagan.

This marked the second-highest annual figure since 2007, falling short of 2013's record-breaking $12.4 billion. The decline compared to the previous year is mainly due to a slower pace of TV consolidation, affected by recent FCC regulatory moves. The largest of these deals in 2014 was the $2.49 billion merger between Media General and LIN Media.

TV deal volume reached a total of $7.26 billion; this is only 64 percent of last year’s total. Overall, 145 TV stations changed hands, bringing the average price per station to $49.1 million, compared to 286 full-power TV station sales for a $38.9 million average in 2013. Of the $1.3 billion worth of station swaps, the largest was a trade of four TV stations between 21st Century Fox and Cox Enterprises, estimated to be worth $859 million.