Saga Sells TV Stations; Acquires Apex Media Charleston & Hilton Head
In a series of deals announced today Saga Communications will sell its television assets to Morgan Murphy Media for $66.6 million, assign its options for other stations to SagamoreHill Broadcasting, and purchase Apex Media’s radio assets in Charleston and Hilton Head SC for $23 million.
In the first two deals, Saga will sell KOAM-TV Joplin MO and KAVU Victoria TX to Morgan Murphy Media while its options to acquire Surtsey Media’s KFJX Joplin and KVCT Victoria to SagamoreHill Broadcasting, which Saga operates. The deals will mark Saga’s exit from television ownership
Saga will then acquire Apex Broadcasting’s radio operations in Charleston and Hilton Head SC. The stations involved in that deal are:
Follow this deal, Apex Media will only retain 105.1 WALJ Northport/Tuscaloosa AL, which is operated by SummitMedia via LMA.
Saga Communications, Inc. (NYSE MKT -SGA) announced today that it has entered into an agreement with Evening Telegram Company d/b/a Morgan Murphy Media to sell the Company’s television stations in the Joplin, MO – Pittsburg, KS and the Victoria, TX television markets for an aggregate purchase price of approximately $66.6 million. The Company also assigned to SagamoreHill Midwest, LLC its options to acquire the assets owned by Surtsey Media, LLC and used in the operation of KVCT in the Victoria, TX market and KFJX in the Pittsburg, KS market.
Edward K. Christian, President and Chief Executive Officer of the Company said, “We’ve had the great pleasure of owning KOAM in Joplin since 1994 and KAVU in Victoria since 1999. It has been a great experience for us to serve both communities with terrific television stations that focused heavily on the local markets. We made a very difficult decision that with all the changes taking place in the television industry that it was time for us to return to our roots in radio.”
The Company also announced the purchase the assets of WCKN(FM), WMXZ(FM), WXST(FM), WAVF(FM), WSPO(AM), W261DG and W257BQ, serving the Charleston, SC radio market, and WVSC(FM), WLHH(FM), WALI(FM), W256CB and W293BZ, serving the Hilton Head and Beaufort, SC radio markets, from Apex Media Corporation for $23.0 million.
Edward K. Christian, President and Chief Executive Officer of the Company, said, “The Charleston stations are heritage radio stations that are very tightly focused on serving their local communities. Southern Living Magazine named Charleston the South’s Best City. The Hilton Head/Beaufort stations serve a regional market that will give us very strong development opportunities. Southern Living Magazine named Beaufort the South’s Best Small Town. We look forward to working with the existing staff to continue to serve these growing communities with great radio stations. Saga intends to continue building its business in radio by continuing to identify and acquire middle market stations.”
Saga expects to close both transactions, subject to the approval of the Federal Communications Commission, in September, 2017.