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 "The industry is just frozen right now." Broker Michael Bergner beleives yesterday's announced $6.3 million sale of Oldies 101.9 WKLU Indianapolis to EMF Broadcasting demonstrates where the deal market is today. "It's a lot of one-off deals and sales in specific situations." says Bergner, who says banks are simply not lending money. Kalil's Todd Hartman tells Inside Radio that's led buyers to come to the table with all equity deals or work out 'creative' structures, including sellers holding the note. Hartman says he's even optimistic pricing may've hit bottom since a few more buyers have been seen in the market. "A lot of religious broadcasters are out there looking for great deals." he says. Some have attempted to get contracts signed at five times cash flow, but Hatman says no FM has sold for such a low multiple to date. Kalil brokered this year's highest priced deal- the $18 million sale of religion teaching "The Truth" KVTT, Dallas (91.7) to North Texas Public Broadcasting. Broker John Pierce says nearly every market in the country has stations on the block without buyers. For instance, as many as seven Dallas AMs are for sale. Piece has been active seeking AM buyers in several markets and says in most cases there are simply no takers beyond a handful of ethnic perators - even though pricing is probably at its low point. "They could drop a spec, but hopefully they've reached their low." says Pierce. He worries a sudden move to put sports and talk programming on FM could make the AM market even worse. "Summer is always a bit slow," Pierce says "but this year summer stated back in February."
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