Exclusive: Communications Corp. of America Puts Stations on Block
Communications Corp. of America (CCA) has put its TV
stations up for sale, according to two sources with knowledge of the group's
plans. CCA owns or operates 25 stations, in Texas, Louisiana and Evansville,
Ind. Those include Fox affiliates in Shreveport, Waco and Evansville.
Steve Pruett is the CCA chief executive officer, as well as
chairman of the Fox affiliates board. He had no comment on CCA's plans.
Silver Point Capital of Greenwich, Conn., is the majority
owner of CCA, which is based in Lafayette, La. Silver Point, through a representative,
CCA joins a number of station groups looking into potential
divestments, including FisherCommunications and Barrington Broadcasting. After the rich revenues brought
on by the 2012 election season, several groups are considering cashing out -- especially
those owned by private equity concerns.
CCA has hired investment banking firm Houlihan Lokey to
assist in the exploration of options. Houlihan Lokey did not return a call for
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Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.