Paxson Stations Valued at $2.65 billion

Jan 7, 2005  •  Post A Comment

Paxson Communications said Thursday its 60 full-power television stations are worth $2.65 billion, based on an appraisal the company conducted last fall.

The broadcaster said it conducts the appraisal annually as a condition of the terms of a $365 million issue of senior notes that mature in 2010. The company said the appraisal, which is as of Dec. 1, does not include consideration for the stations’ digital spectrum, the 32.4 million households who receive Pax TV programming through cable or the company’s film and TV show library.

The appraisal comes as Paxson awaits a ruling by a Delaware court over whether the company is obligated to pay NBC Universal, which has exercised its right to monetize its 32 percent stake in Paxson. Sources familiar with the situation said a ruling is expected sometime in the first half of this year.