Buy low, sell high.
George Lilly has been applying that basic business principle in the buying and selling stations since 1983.
In 2005, he partnered with the private equity firm The Blackstone Group to form Montecito Broadcast Group and purchased four stations from Emmis Communications for $259 million. Less than two years later, he flipped the stations to New Vision for a figure somewhere north of $330 million.
Now he thinks he can work that buy-low, sell-high formula at least one more time. More…