With help from a $150 million infusion from two investment firms, Virginia
Beach, Va.-based Max Media announced plans Wednesday to bulk up by acquiring TV and radio stations in
small and midsized markets.
The new investors are Golden Gate Capital and Quad-C Management Inc. of
Max Media currently owns ABC affiliates in Missoula and Butte and the NBC
affiliate in Great Falls, all Montana.
In North Carolina, the company owns FMs in the Outer Banks and Elizabeth City
and an AM in Ahoskie.
It is also in the process of purchasing WNKY-TV Bowling Green, Ky., and radio
outlets in River Valley, Ark.
Chief executive Gene Loving sad the company is looking to spend $7
million to $10 million a pop.
This is a good time to buy, he added, because many mid- and small-market TV
owners are willing to sell at lower prices, as they are nervous about
funding digital-facilities construction and many network-compensation deals are
In radio, there are still many single-station and small-group owners looking
to cash out, he said.
Loving said he and his partners plan to build a station group over the next
five years, but he doesn't know whether it will keep or sell the group once it is
Loving and Max Media chief operating officer John Trinder founded TVX Stations Group in 1979.
The company was sold to Paramount Pictures and subsequently to
Sinclair Broadcast Group Inc.