The market for TV stations remained quiet in the second quarter, with deals totaling just $98.2 million.
Combined with radio, broadcast deals totaled $233.3 million in the second quarter of 2015, bringing the first half total to $343.8 million.
A year ago, mergers and acquisitions activity totaled $5.3 billion as TV station groups including Granite Broadcasting, LIN Media, Media General, Graham Holdings, Gannett, 21st Century Fox and Cox Media Group bought, sold and swapped stations.
Cash flow multiples were unchanged at about 8 times earnings for TV and 6-7 times earnings for radio.
The biggest deal of the quarter was Gray Television paying $33.6 million for CBS affiliate KOSA-TV, Odessa-Midland, Texas. The seller was Investment Co. of America.