Station Transactions: 1991 Through September 1998
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---Station Transactions: 1991 through September 1998 Page 35 BEAR STEARNS Station Transactions -1991 through September 1998 - In this section, we provide quarterly summaries of significant television transactions that have occurred from 1991 through September 1998. The data summarized include: • the date a transaction was announced (rather than closed) • the property or properties acquired/swapped • the affiliation of the acquired/swapped property • the Designated Market Area (DMA) in which the acquired/swapped television station operates • the purchaser • the seller; and • the purchase price, on the date of announcement. Since the majority of these transactions were private, cash flow and transaction multiple estimates were not available for most of the properties and therefore were not included. These data can be used to determine 1) which broadcasters have been active buyers and sellers; 2) the relative prices paid for different properties in the same market; and 3) relative acquisition activity by quarter. Sources for data in this section: Bear, Stearns & Co. Inc.; Broadcasting & Cable Magazine; Broadcast & Cable Fax; The Wall Street]oumal; The New York Times. BEAR STEARNS Page 36 Q." J T_T_......-~l.. &lifriillOCiklli DOIlii1Iilid IG\CO "'-1Y IIoIbIIntIAno IIl_alllIoI\ 5ep(eri>e<21,1998-- WPGJ(·TV -Fox p"""",ClIy, FL --Woin Broodcas1ing -WIcks_IG~ $7.1_ ~B,I998 WOKR·TV ABC _.NY _,CoorluicaIiono Si1dIir_I~ $125_ 5ep(eri>e< B, 1998 WGME·TV CBS P_,ME SW1cIair_IG""4' Guy GaMoII CoImu1IcoIlono $310_ WlCS-TV NBC ~& Splilgfield-Deca".IL Si1dIirB_IG~ GuyGaMoll~ $310_ Guy _ Cormuicationo WlCD·TV lSimJl;ul) NBC ~ & SpmgfieId-Decalur,IL SW1cIairB_IG~ $310_ Guy _ CoImu1Icollons KGAN·TV CBS CdrRapidS, IA SW1cIairB_IG~ $310_ __IG~ Guy _ CoImu1IcolIons WGGB·TV ABC 5pinglieId,MA $310_ Guy _ CoImu1Icollons WTWC·TV NBC TIIiIaha_.Fl SW1cIairBroadcaItG~ $310_ Guy _ CoImu1Icollons WOKR·TV ABC _,NY SW1cIair_IG~ $310_ $9 _ _ , ComnuicaIion. August 31,1998 WlVT·TV ABC Ilirlghomlon,NY USB_IG~ August 24,1998 V/GNX·TV CBS _,GA Me"''''Cofp. T_eo. SwIp.-.... $370 niIion KCPO-TV Fox S8alIe, WA TribuleCofp. Me"''''Cofp. SwIp._IorS370.-. August 24, 1998 KCPO-TV Fox Beale, WA Me"''''Cofp. Kelly BIOlIdcasIlng S3B0_ August 21, 1998 KCRA·TV NBC Sacramenlo, CA HoalSl·.IIgyIoT_sion Kellyllroedcasting S509_ KQCA·TV WB Sklck10n lSacramenlol, CA Assuring Loc:aI MaIl<eIirlg Agreomenl C...1od by Kelly Broadca.1ing wlh Chomol581nc. (1icensee) in 1994. August 20, 1998 WNEQ-TV PBS ~aIo,NY SW1cIairB_IG~ Woslom Now Y"'" NlIc Broadcosli1g Association $33_ August lB, 1998 KGBT·TV CBS Haotingon, TX CoomosBroadcosli1g e-Co!mU'kallons 142_ August B, 1998 WMHO·TV PBS ~,NY Sindair Broadca.1 G""4' WI.tHT Educational Teiec:omnUlication. $23_ .ktf28,l998 WUPW·TV Fox T_,OH STCB_1ing Rayaxn_ $13_ .uyB,I998 WIYB·TV CBS ~aIo CI18IlalIlorMeclaCofp linT_COoperation $l.72b1lion Lin T_ COoporaIion WlSH·TV CBS Indianapolis ChanceIIot MecIa Cofp $1.72b1lion WAV'I·TV NBC NoItolc(_) ChanceIIot MecIa Cofp Lin TelovIsion COope..tion $1.72b1lion Lin T_ COoporaIion KXAN·TV NBC Austin CI18IlalIlor_Cofp $l.72b1lion WAND-TV ABC ~ ..,IL CI18IlalIlorMeclaCofp Lin T_sion COoporaIion $1.72b1lion WTNH·TV ABC HartIoIll'(New Hawn), CT CI18IlalIlor_Cofp LinTelovision COoperation $1.72b1lion WANE·TV CBS FoItWayne,IN CI18IlalIlorMeclaCofp LinTelovisionCOoporaIion $l.72b1lion WOOIl-TV NBC Grand RapidS C_MeclaCofp Lin T_sion COoporaIion $l.72b1lion WBNE·TV WB Hartlolll'(New Haven), CT CI18IlalIlor_Cofp Lin Telovision COoporaIion $1.72b1lion WOTV·TV ABC GIIIldRapidS CI18IlalIlor_Cofp Lin Telovision COoporaIion $1.72b1lion ChanceIIot _ Cofp WYBT·TV WB -I-I Lin TelovIsion CoopoIalion $1.72b1lion KNYA·TV WB Austin,TX CI18IlalIlor_Cofp LinT_COoporaIion $1.72b1lion Page 37 BEAR STEARNS T_IoftT....OC:....-_l.. ~T_ DooIgnotod "'-" A_ IIIr1co11ngArol Purd1INr 501« -(ll_oIOM1) _'.1998- KIIW8·lV WB EJP... \\lite KJ'911 Broadca.ting UN2JC Com1Uication. $10_ "",25.1998 WESH·lV NBC 0_(Dlyq. Beach) Haa..t~ NIlar $1.85_ KCeI·lV CBS oesMoines Haarsl~ NIlar $1.85_ WYFf·lV NBC G_.SC Haa..t~ NIzar $1.85_ _ 0IIaan. $1.85 _ WDSU·lV NBC Haarsl~ NIlar WGAI.·lV NBC Harrisbuog Haarsl~ NIzar $1.85_ WlKY·lV CBS ~.KY Haarsl AIvyIa NIzar $1.85_ WXI~lV NBC G......~I.NC Hearst AIvyIa NIzar $1.85_ KOAT·lV ABC ~.NlI Hearst~ NIzar $1.85_ KOfT·lV SAT GaIup~). NIl Hearst~ NIzar $1.85_ KOCT·lV SAT Cad_ (AIluqualque). NIl Haarsl AIvyIa NIzar $1.85_ KOVT·lV SAT _Clly(~I.NlI Hearst AIvyIa $1.85_ KETV·lV ABC Qnalha,NE Haarsl~ - $1.85_ ...,111.1998 WHPX·lV InTV -~ D.P._ _B.-.atIng $15.25.- __niT_CO. "",11.1998 KlIEG·lV CBS -City Walttllooadcoaling $12.25'- ...,11.1998 WALB·lV NBC ~.GA co-- 8Ioodcaslilg Gray COrnnu1Icatoo1s $78'- ...,11.1998 WBPX·lV InTV _.(8oslon.IlA) DP_ Puson COlmu1icaIons $IB.- lIay 11. 1998 KHSL·lV CBS ~.CA e--t_~ Gddan E"""T_ 110.- ...,B.11198 WWAY·TV ABC ~NC CO--IlloacleosIirv Hilside_1ling NA ...,4.11198 KXRlI-lV Fox ~Spi1g"CO GOCOli CoImuications IOlRII PIl1nar1hIp 141.5'- ~29.1998 KVlY·lV NBC Flrgo.NoIlhDakote _T_ ...,.,B.-.atIng $63.75'- KfYR·lV NBC -.NorI1 Dakote _T_sion ...,...B.-.atIng $63.75.- _. NorI1 Dakote KMOT·TV SAT _T_ ...,.,B.-.atIng $63.75'- KQC[).lV SAT llicI<i1son. NorI1 Dakote StavlaaT_ ...,., IIIoadcuting $63.75'- _.NorI1 Dakote KUM\'·lV SAT StavlaaT_ ...,...1IIoadcuting $63.75'- April 27. 1998 KFJ(K·lV Fo' longview, T"u.s vne KJ'911 Broadcasting Inwood 1.....""P.-.hip 111.5mi1ion ~27.1998 WFXL·lV Fo' AI>anV. GA 'Md<sB_1G...., Clarion _sling 01 Albany 111.5mi1ion April 13. 11198 WSYX·TV ABC coumu'.OH Silclair_.lng RiYarCilyBIlllMlcas1ing S22B_ April 7. 1998 WOI0TV CBS CIeYeIand. OH Raycom ""Ir'le NA WXIX·lV Fo. CilciannaI. OH Raycom Malrile NA WFLX·lV Fo' _IPaIm_.FL Raycom ""lriIe NA WNWOTV NBC ToIedo.OH Rlycom MalrU NA WLII·lV San _. Puerto Rico Raycom Mallie NA WSUR·TV Ponce. Puerto Rico Raycom Malme NA BEAR STEARNS Page 38 1 "---_.._---, '_'_-_1. -.- -,- (II_oIDool) "-" ....-.- 1II1dl31,I.- WOAC-TV -IND CriIn (CloMnd. 011) -ShopN.Hamo - -123_ _31,1. WlUK,TV fox _Bay,WI EnnllIIloIdcull1g --USA_,Inc" 1307_ IOtON-TV fox _,II EnnllIIloIdcull1g USA_,Inc" 1307_ WALA-TV fox _,AI. EnnllIIloIdcull1g USA_,1nc. 1307_ YMJE.TV fox Now OIIoMI,LA EnnllIIloIdcull1g USA_,Inc" 1307_ _31,1. WTII·TV CBS T..._,II EnnllIIloIdcull1g _V...,-..ng,Inc" 110_$110 _ WFlX·TV fox Fllll ....,Fl EnnllIIloIdcull1g _ V...,-..ng,In:" 11I""18,1. WVNY·TV ~ ~,VT ChomoI22 T_Stolon Inc" US_a""",LP w_ 11I""'6,1. KOlA·TV CBS SpringIioId,MO US_GnqI CooporFomiIy 182_ III"" 12,1998 WNGM·TV HSN -,GA USAB_ing Pauon 150"0_ I'I1lSF·TV IHO MeIloumo (Ot18ndo-Dayma Beach) USAB_ing -'rL.l"C" 150"0_ KEVN·TV FOl RapId CI1y, Soulh Dakota USA Broadca.ing IIlIId<starL"LC" 150.0_ Ma"" 12, 1998 KBsp·TV HSN POI1Iand,OR Paxson Corrm.ncaIoos B1ad<star CC1mUlica1on $30"0_ 1IIn:h5,1998 WlYK·TV UPN NapleslFL Myers ACMET_lien Sec:ald Generation 115"5_ Man:h2,1998 WPXE·TV REL DPMedaIr<. Paxson Cormuicalons 16.0_ FebnJaIy 24, 1998 KXAS·TV NBC -Oa",. TX NBC (_). LIN T_lien (20%)_ Veniln LINT_lien Valuation approllimllod all890 IIIIon AllributionloNBC February 24,1998 YmV·TV FOl _,TN Silclair Broadcast Group SUivan Broadcasting Co" /wO~ll- WUXP·TV (LMA) UPN Sildair Broadcast Group SUivan Broadcasting Co. /wOlIimI1eIyll_ WUTV·TV FOl BullaIo,NY Si1ctair Broadcasl Group SUivon Broadcasting Co /wOlIimIloIy 11_ KOI(H·TV FOl OIdahoma CI1y, OK Sildair Broadcasl Group SUIvIn Broadcasting Co. /wOlIimI1eIyllbi1on __Broadca.1 G""", WXLV·TV ABC G_Il1$Ion·Sa!em 5Uivan Broadcasting Co. /wOlIimI1eIyllbi1on WUPN·TV (LMA) UPN Sindair B_1G""", SUIvIn Broadcasting Co. /wOlIimI1eIy 11 biIon WRGT·TV FOl DaY'oo,OH Si1dair Broadcast Gftlt4J StJIvan BroadcasIlng Co. /wOlIimIloIy 11 biIon __B_IG""", WO/AH·TV FOl ChatteslcllYHunmglon. WO/ StJIvan Broadcaslillg Co. /wOJIino1eIy$I_ WRLH·TV FOl Richmond, VA _irBroadcasl a""", SUIvan Broadcasting Co" /wOlIimI1eIyll_ WUHF·TV Fox _er,NY 5_ir_IG""", SUIvIn Broadcasting Co. /wOlIimIloly$l_ YAlSN-TV FOl Malison, WI _irB_tG""", SUlvlnBroadcaalingCo /wOlIimI1eIyll_ WTAT,TV FOl C_,5C _ir_IG""", SUIvIn Broadcaslillg Co. /wOlIimI1eIy$lbi1on I'/FXV·TVIWPNY-LPTV Fox/UPN Ulca, NY _irB_1G""", SUiYon Broadcasting Co. /wOlIimI1eIy$1 blIoo February 20,1998 WNNE·TV NBC BuI1inglof>flal1Jbu'l1ll1Ha_, VT} HearslA!gyte STC_ting SWlpa""",_ $100_ WPTZ,TV NBC ButtingIof>'(PIo.~) HeaBIA!gyte STCBroadc:asing SWIp_lIimIllId $100_ KSBW·TV NBC MonIeray-(SaIinal), CA HeaBIA!gyte STC_ting Swap_lIimIllId $100_ Page 39 BfAR STEARNS T_IanT_-_l. DaltT.......... ~ ~ -'- 1IorblIntI- -(11_01Doll) -- SwIp __$I00_ F_ry20.1!11l8- ABC STC-.ng WDTN·TV Dayton -HooIIIAlgyIo SwIp __$I00_ WNAC·TV FOX P-.:o STC-.ng HooIIIAlgyIo Fllbruary18.1ll!l8 WKRG·TV CBS _.AI. SpOJIIn Coomulica_ WKRG·TVIne. $84_ Fllbruary18.1ll!l8 WNll·TV INO A1e_.LA WIiItK,;;-.r-.ng WNTz..I81nc. $7_ Fllbruary 18.1ll!l8 WFHl·TV !NO ~ Pmon ComnuicIIoos o-turF_1lIuodcasli'g $8.25_ WAup·TV IJoJk S_.NY P_ComnuicIIoos ,. S_MinoriIy TV Inc. $5.75_ F_ryI5.1!11l8 KFBT·TV WB laIVegos._ SincIlir_S1Gooup _IlIuodcasli'gColporaIion 133_ _ryD.l!11l8 KOIOf.TV Fo. 0IdII10ma Ci~. OK SindIlir_IGooup SIlIvIn Ilooo-.g Co. 0plI0n 10 Iluy lor 160'- __IGooup weHS·TV ABC ~.WV SIlIvIn ~ Co. Option 10 Iluy '" $30 _ ~D.lll!l8 WPTZ·TV NBC IlurIingIon<I'IllJIlu91 STC_1ng SincIlir B_1Gooup $72- WNNE·TV NBC lIulingIolVPIallllloJ91{Har1lonl) STC_1ng SincIlir_Gooup $72_ Fllbruary2.1ll!l8 weFC·TV INO CNcago.ll Pmon Coomulicalions ~ ComnuicIIoos $128_($I20_caahplulopllonlo IluyCP"'KWOK) .......ry26.1ll!l8 KTZZ·TV WB Soalle.WA TriblIloCo. Enwni. 8nladculing SwlpolWOCO-F 1_1160_) WXIII·TV Fo. Grand Rapids. III TriblIloCo. Enwni. 8nladculing SwlpolWOCD-F 1_$160_) .......ry26.1ll!l8 KOLN·TV CBS ~.Neb Gray Comnu1ications SyslemS 1IuIso_IngCoIp. $112_ KGIN·TV CBS Grand I...nd. Neb Gray Coonnu1icalions SysItlmS IIuIso-.ngColp. $112_ WEAlJ. TV NBC Eau aaint. IMs Gray Coomulicaionl SySI"'" IIuIso-.ngColp. 1112_ .......ry 13. 1ll!l8 WWIIT·TV CBS Grand Rapids. III F_ComnuicIIoos GraniteBroadcaling 1170_ VIlAJ-TY ABC Lansilg.1II F_Coomulicaionl Granite_ling 1170_ BfAR STEARNS Page 40 T_T..........- fourth.QuorIor 1117 D_ocl..