Radio broadcast deal volume reached $68.7 million during the third fiscal quarter of 2022, according to a report published by S&P Global Market Intelligence on Tuesday.
Taken together with television mergers, acquisitions and trades, the broadcast industry saw more than $83 million in deals during the quarter, less than half of the $185.9 million during the second quarter of the year.
According to S&P, there were six radio transactions valued at $10 million or more during the calendar year, with three of those deals reported during the third quarter.
The largest radio deal was more than five years in the making, with Dick Broadcasting initially agreeing to purchase 18 radio stations in Georgia and the Carolinas from Alpha Broadcasting for $19.5 million in 2017. The initial deal between the companies never closed; instead, Dick Broadcasting operated the stations under a local marketing agreement until August, when it announced a new deal to acquire the stations for $17.85 million.
The largest single station deal saw Triangle Marketing Associates sell WKJO (102.3 FM) to Curtis Media for more than $2 million. The station serves the Raleigh-Durham market with a country music formal. The deal closed on Sunday, at which point WKJO began airing a holiday music playlist.
To read more of S&P’s report on the third quarter broadcast deals, go HERE.
