We knew that London Broadcasting was buying two full-power television stations and a five-pack of low power outlets in a Kalil-brokered deal. And we knew what the seller paid for them back in 2008. Now we are amazed to learn what they’re going for in 2012.
The main stations in the deal are KIDY in San Angelo TX and KXVA in Abilene. The low power outlets are licensed to Sweetwater, Stamford, Brownwood, Albany and Abilene.
The seller is DuJuan McCoy’s Bayou City Broadcasting.
McCoy bought the stations back in 2008 from Sage Broadcasting for what now looks like a bargain basement price – he paid $3,037,500 for the group.
London will pay almost SIX TIMES that amount. You read that right.
The new price is $18.2M. $750K is going into escrow, another $9.25M will be paid in cash at closing and a promissory note in the amount of $8.2M will account for the remainder.
RBR-TVBR observation: This is the exact opposite of a fire sale. It is proof positive that broadcast is once again seen as a quality investment with a positive future.