Paxson Stations Valued at $2.3 Billion-Plus in SEC Filing

Dec 12, 2005  •  Post A Comment

An appraiser hired by Paxson Communications valued the beleaguered broadcaster’s 60 television stations at more than $2.3 billion, according to a filing made Monday with the Securities and Exchange Commission.

The appraisal appears to set the bar for any potential buyers of the West Palm Beach, Fla.-based company, which underwent a management shuffle several weeks ago, including the resignation of Chairman and CEO Lowell “Bud” Paxson and the installation as CEO of Brandon Burgess, a former NBC Universal executive.

The evaluation was conducted as part of Paxson’s recent issuance of $365 million in debt, and represents only the so-called “stick value” of the stations as of Dec. 1. Also included in the valuation is about $50 million related to three stations that operate under a time brokerage agreement with Paxson.

The $2.3 billion figure does not include an analysis of Paxson’s digital spectrum or the analog clearing value of the stations. It also does not include Paxson’s television library or the 34.2 million households that receive the “i” network (Paxson’s programming content) through cable or satellite as opposed to from a broadcast station.