Corporate Media Consultants Group has agreed to buy Paxson Communications Corp.'s
WMPX-TV Portland-Auburn, Maine, DMA No. 76, and WPXO-TV St. Croix, U.S. Virgin
Islands. The aggregate cash price is $10 million.
"With this transaction, as well as other recently announced or completed
station sales, including our Merrimack, N.H., station," chairman Lowell
"Bud" Paxson said, "we will have raised $71 million in liquidity."
Paxson indicated that there were other deals in the works that "will allow us to
exceed our previously announced goal of raising $100 million in liquidity
through the sale of noncore television stations."
In its third-quarter conference call Wednesday, Paxson said gross revenues
increased 6.4 percent to $77.1 million compared with
$72.5 million for the comparable period last year.
Net revenues for third-quarter 2002 increased 6.9 percent to $66.3 million
compared with $62 million for the comparable period last year.
EBITDA (earnings before interest, taxes, depreciation and amortization) for the third quarter of 2002 was negative $1.4 million compared with
positive $2.5 million for third-quarter 2001.