The M&A market for TV stations — which was robust before the economic slowdown and then virtually nonexistent — looks to be positioned for a fast recovery, according to Meredith Corp. CEO Stephen Lacy.
“I think those TV assets are going to be hot,” he said at an analyst conference Wednesday.
Lacy said that pre-recession, stations were selling for multiples of about 15 X EBITDA, which was not sustainable for Meredith. Private-equity firms helped drive the costs up. Valuations now should be slightly lower, he indicated. More…