Pappas Telecasting Companies announced that it has retained Moelis & Co. in a move that results in the sale of a portion of its television assets.
Pappas Telecasting owns 27 stations and operates four others through local marketing agreements in 24 markets. In addition, the company owns or operates television stations in markets reaching nearly 36 percent of U.S. Hispanic households.
“Due to the favorable results from our first round of strategic review activities in the spring involving our Spanish-language television assets, the company has retained Moelis & Co. to assist with a strategic review of the company’s English-language TV assets,” said Henry J. Pappas, chairman and CEO of Pappas Telecasting. “ We contemplate that this review will result in the sale of a number of our television station assets.”
Pappas concluded that “after more than 40 years in the broadcast industry, the time has come to simplify my life and spend more time with my family.”