Q1 Saw $149 Million In Radio Deals

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According to Kagan, the top deal was Emmis exiting St. Louis, selling two FMs to Hubbard and two FMs to Entercom. Kagan says Emmis got a cash flow multiple of 7.2x from Hubbard, which will net the company $45 million, and a 6.1x cash flow multiple from Entercom, which will net the company $15 million. Emmis CEO Jeff Smulyan will use the money to pay down debt.

Following the cancellation of the top deal of the fourth quarter of 2017, the intended sale of Merlin Media’s last two stations to Cumulus, Merlin found a new buyer for Chicago’s WLUP-FM. EMF will pay $21.5 million for the station, representing the quarter’s second-largest radio deal.

In the quarter’s third-largest radio deal, Connoisseur sold a three-station cluster in and around the Trenton, NJ, market to Townsquare for $17.3 million. Connoisseur also sold a four-station cluster (plus one translator) in the Hartford-New Britain-Middletown, CT, market to Red Wolf Broadcasting for $8.0 million.

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