Pappas Telecasting announced that it has retained Moelis & Company to assess strategic alternatives for the company, which Pappas says could lead to the sale of some of its stations. The company isn’t saying which stations it hopes to sell.
“Due to the favorable results from our first round of strategic review activities in the spring involving our Spanish-language television assets, the company has retained Moelis & Company to assist with a strategic review of all of the company’s TV assets. We contemplate that this review will result in the sale of a number of our television station assets,” said Harry J. Pappas, Chairman and CEO of Pappas Telecasting. “After more than 40 years in the broadcast industry, the time has come to simplify my life and spend more time with my family,” he added.
Pappas Telecasting owns 27 TV stations and operates four others under LMAs.