Exclusive: Communications Corp. of America Puts Stations on BlockBig batch of stations in mid-size markets as another group tests M&A waters 1/14/2013 03:57:48 PM Eastern
Communications Corp. of America (CCA) has put its TV
stations up for sale, according to two sources with knowledge of the group's
plans. CCA owns or operates 25 stations, in Texas, Louisiana and Evansville,
Ind. Those include Fox affiliates in Shreveport, Waco and Evansville.
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,
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