London closes on Texas TV package
Brokerage firm Kalil and Co. says that the keys have changed hands for a pair of full power Texas television stations and five associated low power outlets. London Broadcasting Company expanded its Texas group, and deal was further notable for the ROI enjoyed by the seller.
The full power stations are KIDY in San Angelo TX and KXVA in Abilene. The low power outlets are licensed to Sweetwater, Stamford, Brownwood, Albany and Abilene.
Buyer LBC, headed by Terry London, is paying $18.2M for the set of stations, with $8.2M in seller paper.
The seller is Bayou City Broadcasting LLC, headed by DuJuan McCoy.
McCoy should be happy with his nearly 6X ROI – he bought the stations back in 2008 from Sage Broadcasting for $3,037,500.
As we noted at the time the deal was announced, this is the exact opposite of a fire sale. It is proof positive that broadcast is once again seen as a quality investment with a positive future – and not so much as an investment in a possible one-time incentive auction windfall.