Landmark Stations Represent Attractive Properties

Implications: Landmark Communications has announced intent to sell KLAS-TV, Las Vegas, and WTVF, Nashville.  Both entities would be nice additions to a TV station portfolio.

Analysis: Previously I posted about Landmark Communication's decision to sell The Weather Channel . . . now the company is planning to sell their only two TV stations, but both are very good properties and should attract interest.

The station's KLAS in Las Vegas and WTVF in Nashville, are in markets 43 and 44 respectively, but they have a long history of market leadership.  They both operate cable news channels in their respective markets, and they were the first stations to go high definition in their markets.

KLAS is probably a bit more attractive--even though Las Vegas is in the 43rd market, it ranks much higher--typically in the low 20s, in terms of market revenue.  WTVF has been the leading revenue station in Nashville, but it does face strong competition from Meredith-owned WSMV.

Both of these properties will probably command a good price at a strong multiple, but they would make excellent additions to a group portfolio for an owner hoping to expand in their holdings.