SNL Kagan: $422 Million In Radio Mergers & Acquisitions in Q3 '15
October 1, 2015 at 12:18 PM (PT)
SNL KAGAN reported that radio station M&A volume reached $422.1 million in the third quarter of 2015. Year-to-date, at the end of SEPTEMBER, radio registered a total of $663.4 million, as the multiple remained unchanged at 6.7x.
The radio station sector's largest Q3 deal, aside from the ALPHA-DIGITY mega-merger, was a station swap between BONNEVILLE INTERNATIONAL CORP. and ENTERCOM COMMUNICATIONS CORP. SNL KAGAN estimates deal values of $25 million for BONNEVILLE's KEPN-A and $20 million for the four ENTERCOM stations.
The only other radio deals in a similar range of about $20 million were the radio part of the GRAY/SCHURZ deal, to which SNL KAGAN allocated $22.0 million and EDUCATIONAL MEDIA FOUNDATION's $21.7 million acquisition of four FLORIDA stations from non-commercial AMERICAN PUBLIC MEDIA GROUP.