Pappas Telecasting Looks to Sell Some Stations
Privately Held TV Group Retains Moelis & Co.
By John Eggerton -- Broadcasting & Cable, 12/19/2007 10:01:00 AM
The nation's largest privately held TV group is shopping some of its stations.
Pappas Telecasting said Wednesday that it retained Moelis & Co. to "assess strategic alternatives for the company," which will likely result in the sale of "a portion" of its 27 stations in 24 markets.
Pappas undertook a similar strategic review of its Spanish-language stations in the spring.
“After more than 40 years in the broadcast industry," said Harry J. Pappas, chairman of the company, "the time has come to simplify my life and spend more time with my family.”
Other broadcasters have put their lots up for sale this year, but the results have been mixed largely because a deteriorating credit market thinned the pool of bidders, whether they were private equity or strategic acquirers.
Earlier this month LIN TV concluded a strategic review launched in May without a fruitful outcome. The company did, however, leave the door open to a deal, saying that it would not make a public announcement regarding future strategic explorations.
And in August, Nexstar Broadcasting Group took itself off the market due to the poor conditions in the financial markets.
But Lincoln Financial did manage to offload its television stations to Raycom Media last month.
