Media Industry
Industry: Email Alert RSS FeedStation Market Still Sizzling.(Barrington Broadcasting buystelevision stations from Raycom Media)
Broadcasting & Cable, April, 2006 by Romano, Allison
By Allison Romano
Broadcasters show faith in local strength
Barrington Broadcasting cut a deal last week to buy a dozen affiliates from Raycom Media, doubling the size of Barrington's group and buoying the prospects for the station market.
Barrington, which is backed by former AOL COO Robert Pittman's private-equity firm Pilot Group, agreed to buy 12 Raycom stations in nine markets for $262 million. The price represents about 11 times cash flow, according to executives familiar with the deal.
Raycom is a seller after making a major acquisition of its own. In February, it closed on its $987 million purchase of Liberty Corp.'s station group. Because of some market overlap, the company pledged to sell stations in 12 markets....
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