Local Broadcasting M&A Deals Hit $4.5B in Q2 2017

The $3.9 billion Sinclair-Tribune deal accounts for 85% of the quarter's total

Thanks to Sinclair’s deals to buy Tribune and Bonten, local broadcasting M&A deals hit $4.5 billion in the second quarter of 2017, according to S&P’s Kagan.

The $3.9 billion Sinclair-Tribune deal—which, if approved, would give Sinclair 42 more TV stations—accounted for 85% of all the quarter’s activity, Kagan said. The Baltimore-based group’s purchase of Bonten Media’s 17 full-powered stations for $240 million was the quarter’s second-largest deal.

Related: Sinclair, Tribune CEOs Push Advantage of Sizing Up

Saga Communication’s exit from the TV industry was behind the quarter’s third largest deal—the sale of its six TV stations to Morgan Murphy Media for $66.6 million.

In the largest deal by number of licenses since 2011, Edge Spectrum paid $72 million to acquire the licenses for 196 low-power TV stations and construction permits to meet the spectrum requirements for its planned nationwide IP broadcasting network, Kagan said.

Meruelo Media’s $82.8 million purchase of KPWR Los Angeles from Emmis Communications was Q2’s top radio deal. The transaction was the largest single radio-station sale since 2012 and represents nearly 34% of the quarter’s $245 million radio deal total, Kagan said.