Done deal in PA capital
WHTM-TV Harrisburg PA is now comfortably situated in the O&O portfolio of Media General Inc. The seller was Sinclair Broadcast Group.
The value of the deal is in the neighborhood of $83.4M. MGI said it is using a $75M term loan to come up with the bulk of the purchase price.
Harrisburg-Lancaster-Lebanon-York is in the top 50 markets, ranked at #43 by Nielsen. WHTM is an ABC affiliated and boasts the #2 local news operation.
MGI President/CEO George L. Mahoney stated, “This is an attractive acquisition for us, with a buyer’s multiple of less than 8x. It also is immediately accretive to free cash flow. We’re delighted to welcome WHTM and its employees to Media General. WHTM is a top-rated station in Pennsylvania’s capital city. The station will benefit from political spending in the upcoming elections, especially the contested gubernatorial race in Pennsylvania. WHTM provides an excellent news product and it’s a terrific fit with Media General. We look forward to building further on its many accomplishments.”