Broadcast TV station deal values reached $326 million in the fourth quarter, according to SNL Kagan, a big drop form the $3 billion in transactions in the third quarter, but the number of transactions stayed steady.
Kagan estimated that while there were no billion-dollar deals in Q4, there were 37 transactions of $1 million or more, comparable to the 38 deals over $1 million in Q3. Deal multiples also rose on the TV side, ending the quarter at 8.4 times forward looking cash flow, 0.1 point higher than the previous quarter.
The top deal in the period was Nexstar Broadcasting Group’s $130 million purchase of CBS and NBC affiliate stations in West Virginia from West Virginia Media Holdings, according to Kagan.
Deal values are expected to rise in the coming quarters, especially after Nexstar and Meredith Corp. are in an apparent bidding war for Media General.