HC2 Broadcasting sells four television stations
Proceeds from a $ 35 million debt reduction transaction
Continues to be the largest operator of Class A and LPTV stations in the United States
NEW YORK, January 04, 2021 (GLOBE NEWSWIRE) – HC2 Broadcasting Holdings, Inc., the broadcasting subsidiary of HC2 Holdings, Inc. (âHC2â or âthe Companyâ) (NYSE: HCHC), announced today that HC2 Station Group, Inc. completed the sale of three full-power TV stations and one low-power TV translator for $ 35 million. The stations included in the sale are KAZD Dallas, KYAZ Houston and KMOH-TV Phoenix, as well as KEJR-LD, which functions as a low-power translator of KMOH-TV.
HC2 used the proceeds of the transaction to reduce the debt of HC2 Broadcasting. HC2 Broadcasting continues to have six television stations in Dallas, five stations in Houston and three stations in Phoenix as part of its network of 229 stations serving 93 US markets and Puerto Rico. HC2 Broadcasting is the largest operator of Class A, low-power television stations in the United States
âWe are delighted that this transaction advances our strategic initiative to improve our capital structure by monetizing non-core assets while maintaining our strong television coverage,â said Wayne Barr, Jr., CEO of HC2.
HC2 Holdings, Inc. (NYSE: HCHC) has a leading portfolio of assets, primarily in infrastructure, life sciences, spectrum, insurance and clean energy. HC2 is headquartered in New York, New York and, through its subsidiaries, employs 2,864 people.
About the HC2 broadcast
HC2 Broadcasting Holdings Inc. is the broadcast subsidiary of HC2 Holdings, Inc. As of January 4, 2021, HC2 Broadcasting operated 229 broadcast television stations. In addition, HC2 Broadcasting has around 210 silent licenses and building permits. HC2 Broadcasting’s total footprint, including building permits, covers approximately 130 U.S. markets, including 34 of the top 35 markets in the U.S. and Puerto Rico. For more information, please visit www.hc2broadcasting.com.
Paul Caminiti / Pam Greene / Luc Herbowy
Matt Chesler, CFA