Exclusive: Communications Corp. of America Puts Stations on Block
Big batch of stations in mid-size markets as another group tests M&A waters
By Michael Malone -- Broadcasting & Cable, 1/14/2013 3:57:48 PM
Steve Pruett is the CCA chief executive officer, as well as chairman of the Fox affiliates board. He had no comment on CCA's plans.
Silver Point Capital of Greenwich, Conn., is the majority owner of CCA, which is based in Lafayette, La. Silver Point, through a representative, declined comment.
CCA joins a number of station groups looking into potential divestments, including Fisher Communications and Barrington Broadcasting. After the rich revenues brought on by the 2012 election season, several groups are considering cashing out -- especially those owned by private equity concerns.
CCA has hired investment banking firm Houlihan Lokey to assist in the exploration of options. Houlihan Lokey did not return a call for comment.
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