Broadcast station merger and acquisition activity totaled $5.11 billion in the second quarter of 2018, the biggest quarter since second quarter 2007, according to Kagan.
Kagan says that 98 percent of the volume was attributable to TV stations sales, led by Gray Television’s acquisition of Raycom Media for $3.65 billion.
The second-quarter total also includes some sales designed to help Sinclair Broadcast Group’s acquisition of Tribune pass regulator muster. The big deals including the sale of seven stations to 21 Century Fox for $10 million and nine stations to Standard Media Group for $441.7 million.
Despite the strong volume, the pace of deal making was relatively slow. Excluding the Gray deal and Sinclair spinoffs, volume would have been just $185.8 million, the lowest since fourth quarter of 2016.