Two big deals surpassed $100 million, and more deals are on the way.

Broadcast station M&A picked up last quarter.

According to media research firm Kagan, broadcast station M&A hit $900.0 million in Q4 2019. The market for television stations has been much more active. Two transactions surpassed $100 million; meanwhile, radio stations saw the lowest level of activity since Q2 2016.

Broadcast Station M&A Deals Rally Again

The largest television deal this quarter was the Fox Corporation agreed to pay $352 million to Nexstar Media Group for three stations in Seattle and Milwaukee. Nexstar acquired the stations as part of its Tribune Media deal, which closed in September. As part of the agreement, Nexstar will receive two Fox-owned stations in the Charlotte, N.C., market for $45 million.

In October, Allen Media Broadcasting, the broadcasting division of Entertainment Studios, announced a deal with USA Television Holdings and USA Television MidAmerica Holdings to by 11 television stations in nine small markets for $290.0 million.

The radio market saw three deals between $3 million and $5 million.

At year-end, TEGNA announced the sale of AM/FM combo KFMB in San Diego to Local Media San Diego Acquisition for $5.0 million. McKibbin Media Group purchased three stations in Michigan’s Lansing-East Lansing market from Jackson Radio Works Inc. for $3.8 million. Horne Broadcasting is buying five stations and one translator in the Fayetteville, Ark., market from Carroll County Broadcasting Inc. and Hog Radio Inc. for $3.4 million.

For the full year, we saw a total deal volume of $7.71 billion. Radio registered a deal volume of $1.26 billion That figure was 54% higher than in 2018. T.V. announcements totaled $6.52 billion, 17% less than in 2018.

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