HC2 Broadcasting Sells Four Television Stations

Rhea-AI Summary

HC2 Broadcasting Holdings, Inc. (NYSE: HCHC) announced the sale of three full power television stations and a low power translator for $35 million. The sale included KAZD Dallas, KYAZ Houston, KMOH-TV Phoenix, and KEJR-LD. Proceeds from this transaction have been utilized to reduce debt for HC2 Broadcasting. The company maintains a network of 229 stations across 93 U.S. markets and Puerto Rico, positioning itself as the largest operator of Class A and low power television stations in the U.S.

Positive

• Successful sale of non-core assets for $35 million.
• Debt reduction enhances HC2 Broadcasting's capital structure.
• Maintains extensive network of 229 television stations.

Negative

• None.

Proceeds from $35 Million Transaction to Reduce Debt

Continues to be the Largest Operator of Class A and LPTV Stations in the U.S.

NEW YORK, Jan. 04, 2021 (GLOBE NEWSWIRE) -- HC2 Broadcasting Holdings, Inc., the broadcasting subsidiary of HC2 Holdings, Inc. (“HC2” or “the Company”) (NYSE: HCHC), announced today that HC2 Station Group, Inc. has completed the sale of three full power television stations and a low power television 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 operates as a low power translator of KMOH-TV.

HC2 has used the proceeds from the transaction to reduce HC2 Broadcasting’s debt. 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 U.S. markets and Puerto Rico. HC2 Broadcasting is the largest operator of Class A and low power television stations in the U.S.

“We are pleased that this transaction advances our strategic initiative to enhance our capital structure by monetizing non-core assets while we maintain our substantial broadcast TV coverage,” said Wayne Barr, Jr., Chief Executive Officer of HC2.  

About HC2

HC2 Holdings, Inc. (NYSE: HCHC) has a class-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 HC2 Broadcasting

HC2 Broadcasting Holdings Inc. is the broadcasting subsidiary of HC2 Holdings, Inc. As of January 4, 2021, HC2 Broadcasting operates 229 broadcast television stations. In addition, HC2 Broadcasting has approximately 210 silent licenses and construction permits. The total HC2 Broadcasting footprint, including construction permits, covers approximately 130 U.S. markets, including 34 of the top 35 markets across the United States and Puerto Rico. For more information, please visit www.hc2broadcasting.com.

Media Contact:
Reevemark
Paul Caminiti/Pam Greene/Luc Herbowy
HC2@reevemark.com
(212) 433-4600

Investor Contact:
FNK IR
Matt Chesler, CFA
ir@hc2.com
(212) 235-2691

FAQ

What was the transaction amount from HC2 Broadcasting's recent sale?

The transaction amount was $35 million.

Which television stations did HC2 Broadcasting sell?

HC2 Broadcasting sold KAZD Dallas, KYAZ Houston, KMOH-TV Phoenix, and KEJR-LD.

How will HC2 Broadcasting use the proceeds from the sale?

The proceeds will be used to reduce HC2 Broadcasting's debt.

How many television stations does HC2 Broadcasting operate after the sale?

After the sale, HC2 Broadcasting operates 229 television stations.

Is HC2 Broadcasting the largest operator of television stations in the U.S.?

Yes, HC2 Broadcasting is the largest operator of Class A and low power television stations in the U.S.