the latest on the Susquehanna Media sale (owners of KFOG) more at the link
----
Susquehanna Media includes 33 radio stations nationwide and nine cable networks in six states, and is expected to net at least $2 billion for both its cable and radio businesses.
Roughly 20 bids had been expected for all or part of Susquehanna Media, but an official with parent company Susquehanna Pfaltzgraff Co. would not say how many bids were received.
"I really don't want to talk. We're still negotiating and we're just not going to give out information," said John L. Finlayson, finance and administration vice president and chief financial officer.
The source familiar with the sale said an announcement of a purchase could come in anywhere between two weeks and two months.
Also, Las Vegas-based Citadel Broadcasting Corp. has submitted more than a $1 billion bid for Susquehanna Media's entire radio business, according to anonymous sources that spoke to Reuters. Lewis W. Dickey Jr., chairman, president and chief executive officer of Atlanta-based Cumulus Media, and a group of private-equity backers also submitted a bid for the radio business, Reuters said.
(snip)
It was unknown which other interested buyers, if any, are in discussions with Susquehanna Media for either its cable or radio business.
(oh I bet there are a few)
However, Reuters reported that private-equity firms Providence Equity Partners in Providence, R.I.; Kohlberg Kravis Roberts & Co. in New York; and Madison Dearborn Partners in Chicago have joined forces with current and former Susquehanna Media management to bid for the entire company, Reuters said.
No comments:
Post a Comment