Large Market Deal Of The Year: Retransmission rights prove lucrative for Local TV Holdings


SNAPSHOT

Firm: Oak Hill Capital Partners

Target: Local TV Holdings LLC

Hold Period: About six years

Return Multiple: 3.5x

High-Yield Lenders: Deutsche Bank (on the left); UBS (on the right)

Advisers At Exit: Moelis & Co, Wells Fargo 

Key Executives On Deal: Managing Partner J. Taylor Crandall and Partners Benjamin Diesbach, Jonathan Friesel and Scott Baker 

 

WHY THE FIRM WON

  • Recognized hidden value in local TV station retransmission rights
  • Realized bonanza in political advertising from stations located in swing states
  • Enterprise value grew from $1.6 billion to $2.7 billion during hold period
  • Employment grew from 2,215 to 2,314

Being patient for the right assets to come along, and knowing how to fully exploit them: These two qualities went a long way toward Oak Hill Capital Partners winning its Large Market Deal of the Year award for the creation, ownership and sale of Local TV Holdings LLC.

Oak Hill Capital, founded in 1986 with financial backing from the Texas oil billionaire Robert Bass, acquired the main assets of Local TV Holdings through two principal transactions. The first was the $575 million purchase in spring 2007 of nine ...

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