Cox Did Very Well in These Deals
The speculation amongst those in the know is that SummitMedia and Connoisseur paid a multiple between 7X and 8X cash flow for the Cox stations. That's good news for the industry, maybe not so good for buyers, with the economy still stagnating. It's also several multiples away from the reported 5X (or less) multiple Larry Wilson paid for Triad Broadcasting's 32 stations late last year. The Cox multiple confirms that when you're a strong operator, employ good people and throw off millions of dollars in cash flow, buyers will be there.
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