Transactions Summary - Public Media Company

1 Transactions Summary NATIONAL PROJECTS Music X A collaboration led by PMC and a group of public media organizations, "Music X" provides a national music discovery service where music lovers can watch exclusive live sets of music by emerging and established local and national artists. Channel X An online marketplace created by PMC where content producers can upload media for broadcasters to discover, license and share with audiences. Revolving Public Media Fund (RPMF) Established in 2012, with funding from FJC: a Foundation of Philanthropic Funds, the RPMF makes grants to public media organizations (12 recipients thus far) to underwrite a portion of PMC’s in‐depth strategic planning consultancies aimed at growth strategies. The RPMF is intended to spur innovation in public broadcasting, and to aid public broadcasters in improving and expanding their services and revenue base. Public Media Database A comprehensive database that captures audience, financial and engagement metrics across all platforms. Public Radio Fund Established in 2007, the Public Radio Fund has lent more than $9 million to 11 different public media organizations. Loans from the fund have ranged from $105,000 to $2.50 million, and have aided organizations in a variety of ways including: acquiring a new station, smoothing out cash flows, purchasing a new building, and completing a studio. [email protected] Publicmedia.co 720.304.7274 2 More Channels, More Service During 2002‐2007, PMC provided several months of comprehensive business planning to 32 public radio stations interested in expanding their services through mergers or acquisitions. PMC worked with station managers and their board members/licensees to help them plan for sustainable long‐term growth. Several client projects led to acquisitions. Station Renewal Project PMC served as the managing consultant for Corporation for Public Broadcasting’s (CPB) Station Renewal Project. Phase I involved a financial and operational review of ten underperforming stations. Phase II involved a multi‐year project to improve the long‐term sustainability of five stations in major radio markets. PARTNERSHIPS, MERGERS AND ACQUISITIONS Primary Coverage Client Transaction Size (note a) Kentucky Collaboration Project Five stations in Kentucky are exploring options to establish a joint operating company to increase efficiencies, consolidate resources and improve services to their communities. Santa Monica Community College District/University of Southern $1,300,000 567,720 California Swap of KDB‐FM for KQSC‐FM (Santa Barbara, CA) 2014 Santa Barbara Foundation $1,300,000 561,233 Sale of KDB‐FM (Santa Barbara, CA) 2014 Friends of MVYradio $450,000 25,641 Acquisition of WMEX‐FM (Martha's Vineyard, MA) 2013 South Dakota Board of Directors $420,000 199,929 Acquisition of KCSD‐FM (Sioux Falls, SD) 2013 Western Illinois University $25,000 4,223 Acquisition of K239AF (Burlington, IA) 2013 Public Television 19, Inc/KCPT (note d) $1,650,000 1,317,900 Acquisition of KTBG‐FM (Kansas City, Kansas) 2013 WAPS 322,398 Operating Agreement for WKTL‐FM (Youngstown, Ohio) 2013 University of Texas $6,000,000 1,554,653 Acquisition of KXBT (Austin, Texas) 2012 Classical Public Radio Network $3,750,000 1,772,557 Acquisition of KUSF (San Francisco, Calif.) 2012 University of Missouri $40,000 117,198 Acquisition of WQUB (Quincy Ill.) 2012 University of Southern California $7,500,000 2,057,105 [email protected] Publicmedia.co 720.304.7274 3 Acquisition of KXSC (Sunnyvale, Calif.) 2012 Colorado Public Radio Refinancing (Denver, Colo.) 2012 University of Southern California Acquisition of K212AA (Los Gatos, Calif.) Ohio State University Sale of WOSU‐AM (Columbus, Ohio) 2011 Listeners Community Radio of Utah Sale of KZCL‐FM (Logan, Utah) 2011 Iowa Public Radio Acquisition of KZHZ‐FM (Patterson, Iowa) and KZHC‐FM (Pleasantville, Iowa) 2011 The Wheeler School Operating Agreement for WELH‐FM (Providence, R.I.) 2011 University of Alabama Acquisition of WHIL‐FM (Mobile, Ala.) 2011 Northern Kentucky University Acquisition of WPAY‐FM & WPFB‐FM/AM (Cincinnati, Ohio) 2011 Marfa Public Radio Corporation Acquisition of KOCV‐FM (Odessa, Texas) 2011 Essential Public Media Acquisition of WDUQ‐FM (Pittsburgh, Pa.) 2011 University of Houston Acquisition of KTRU‐FM (Houston, Texas.) 2010 Vermont Public Radio Acquisition of WVXR‐FM (Randolph, Vt.) 2010 University of South Florida Acquisition of WSMR‐FM (Sarasota, Fla.) 2010 Ohio State University (note c) Acquisition of WWCD‐FM (Columbus, Ohio) 2010 American Public Media Group Acquisition of WXEL‐FM (West Palm Beach, Fla.) 2010 Long Island University Sale of WLIU‐FM (Southampton, New York.) 2010 WGBH Educational Foundation Acquisition of WCRB‐FM (Boston, Mass.) 2009 North Texas Public Broadcasting, Inc. Acquisition of KVTT‐FM (Dallas, Texas) 2009 Cincinnati Public Radio Operating Agreement for WMUB‐FM (Oxford, Ohio) 2009 University of Southern California Acquisition of KXTY‐FM (Morro Bay, Calif.) 2009 Lakeshore Public Media Acquisition of WWLO‐FM (Lowell, Ind.) 2008 Capital Public Radio [email protected] Publicmedia.co $12,000,000 $205,000 $2,000,000 $225,000 $1,750,000 $1,100,000 $6,750,000 $300,000 $6,000,000 $9,932,000 $435,000 $1,275,000 $4,871,000 $4,050,000 $850,000 $14,000,000 $18,000,000 $1,200,000 $1,050,000 $4,700,000 78,854 106,617 421,783 491,747 891,671 3,300,000 141,272 1,784,349 4,018,325 46,515 793,757 917,373 1,801,694 133,413 4,006,875 5,901,402 336,390 220,327 129,720 947,302 720.304.7274 4 Acquisition of KUOP‐FM (Stockton, Calif.) 2008 California Lutheran University Acquisition of KIST‐AM (Santa Barbara, Calif.) 2008 Wasatch Public Media Acquisition of KCPW‐FM (Salt Lake City, Utah) 2008 American Public Media Acquisition of KBXO‐FM (Coachella, Calif.) 2008 Colorado Public Radio Acquisition of KFDN‐FM (Denver, Colo.) 2008 North Texas Music Foundation Sale of a CP in Stephenville, Texas 2007 American Public Media Group Acquisition of WMCU‐FM (Miami, Fla.) and a translator (West Palm Beach, Fla.) 2007 Santa Fe Community College Swap of KSFR‐FM for KSFQ‐FM in Santa Fe, N.Mex. (owned by Educational Media Foundation) 2007 University of Pennsylvania Acquisition of WZXM‐FM and a translator (Middletown, Pa. & Harrisburg, Pa.) 2007 University of Pennsylvania Sale of WXPH‐FM (Harrisburg, Pa.) 2007 Northeast Indiana Public Radio Acquisition of WCKZ‐FM (Ft. Wayne, Ind.) 2006 Jacksonhole Community Radio Acquisition of KURT‐FM (CP) (Jackson, Wyo.) 2006 Capital Community Broadcasting Acquisition of KFMG‐FM and KSRJ‐FM (Juneau, Alaska) 2006 University of Massachusetts Sale of WSMU‐FM (N. Dartmouth, Mass.) 2006 Vermont Public Radio Acquisition of a CP (Brighton, Vt.) 2006 Cincinnati Public Radio Sale of WVXA‐FM (Rogers City, Mich.) 2006 Cincinnati Public Radio Sale of WVXH‐FM (Harrison, Mich.) 2006 Cincinnati Public Radio Sale of WVXM‐FM (Manistee, Mich.) 2006 Puget Sound Public Radio Acquisition of KVSN‐AM (Olympia, Wash.) 2006 Oklahoma State University Acquisition of two translators (Bixby & Okmulgee, Okla.) 2005 Radio Bilingue Acquisition of KVFR‐FM (CP) (Laytonville, Calif.) 2005 Cincinnati Public Radio [email protected] Publicmedia.co $1,440,000 $2,400,000 $1,000,000 $8,200,000 $500,000 $20,000,000 $4,335,000 $1,250,000 $1,750,000 $18,000 $676,400 $725,000 $147,000 $411,000 $200,000 $380,000 $500,000 $130,000 $50,000 $15,000,000 538,165 830,361 141,432 2,548,279 4,302,125 30,000 1,247,380 454,177 17,159 30,000 26,617 202,222 50,700 39,412 2,293,533 720.304.7274 5 Acquisition of 7 Xavier University Stations (Cincinnati, Ohio) 2005 WMHT Educational Communications Acquisition of WBKK‐FM (Amsterdam, N.Y.) 2005 Oklahoma State University Acquisition of KGND (Tulsa, Okla.) 2004/2005 University of Iowa Acquisition/Financing ‐ KIIC‐FM (Lamoni, Iowa) 2004 San Diego State University Acquisition of KQVO FM (Calexico, Calif.) 2004 Boulder Community Broadcast Associates Acquisition of KJME‐AM (Denver, Colo.) 2004 Radio for Milwaukee Operating Agreement for WYMS‐FM (Milwaukee, Wisc.) 2004 GBH Telecommunications Represented in the FCC Auction (Brewster, Mass.) 2004 Joy Public Broadcasting Sale of WJTM‐FM (Frederick, Md.) 2004 High Plains Public Radio Acquisition KAEZ‐FM Station (Amarillo, Texas) 2004 Nevada Public Radio Acquisition of KZBS‐FM (CP) (St. George, Utah) 2004 KBPS Foundation Acquisition of KBPS‐FM (Portland, Ore.) 2003 Northeast Public Radio /WAMC Acquisition of WAMC‐AM (Albany, N.Y.) 2003 Bates Technical College Sale of KBTC‐FM (Tacoma, Wash.) 2003/2005 Chicago Public Radio Operating Agreement for WLUW‐FM (Chicago, Ill.) 2003 KQED Inc. Acquisition of KQEI‐FM (Sacramento, Calif.) 2003 Nashville Public Radio Acquisition of WQDQ‐AM (Nashville, Tenn.) 2002 Chicago Public Radio Acquisition of WBEW‐FM (Chesterton, Ind.) 2002 Johns Hopkins University Sale of WYPR‐FM (Baltimore, Md.) 2001/2002 WGBH Educational Foundation Merger of WCAI/WNAN with WGBH (Cape Islands, Mass.) 2001 Colorado Public Radio Acquisition of KCFR‐AM (Denver, Colo.) 2001 Total [email protected] Publicmedia.co $1,500,000 $4,000,000 $450,000 $1,100,000 $4,100,000 $3,927,000 $1,200,000 $1,200,000 $250,000 $5,500,000 $500,000 $5,000,000 $3,000,000 $3,000,000 $550,000 $5,000,000 $1,500,000 $4,200,000 $218,217,400 225,424 366,025 56,312 100,601 2,710,616 1,294,279 94,866 300,009 239,829 111,132 1,902,001 618,461 2,181,922 763,058 451,131 1,029,856 100,054 1,679,312 40,758 2,394,709 64,381,860 720.304.7274 6 FINANCING Primary Coverage Client Transaction Size (note a) $250,000 The Working Group Financing through Public Radio Fund (Oakland, Calif.) 2013 Radio Bilingue $400,000 Financing through Public Radio Fund (Fresno, Calif.) 2013 The Working Group $170,000 Financing through Public Radio Fund (Oakland, Calif.) 2012 Radio Bilingue $400,000 Financing through Public Radio Fund (Fresno, Calif.) 2012 WXEL Public Broadcasting $2,000,000 Financing through Public Radio Fund and FJC (West Palm Beach, Fla.) 2012 117,641 Delaware First Media $105,000 Financing through Public Radio Fund (Dover, Del.) 2012 Marfa Public Radio Corporation $175,000 Financing through Public Radio Fund (Marfa, Texas) 2011 Radio Bilingue $650,000 Financing through Public Radio Fund (Denver, Colo.) 2011 Denver Educational Broadcasting Inc. $500,000 Financing through Public Radio Fund (Denver, Colo.) 2011 Essential Public Media $2,500,000 Financing (WDUQ‐FM in Pittsburgh, Pa.) 2011 KOCE Foundation $4,527,305 Re‐financing through Public Radio Fund and FJC (KOCE‐
TV, in Huntington Beach, Calif.) 2010 2,110,123 WFCR Foundation $420,000 Financing through Public Radio Fund (Amherst, Mass.) 2010 Colorado Public Radio $8,300,000 Re‐financing (KVOD‐FM, prev. KFDN, in Denver, Colo.) 2010 eTown $2,300,000 Financing through Public Radio Fund (Boulder, Colo.) 2010 North Texas Public Broadcasting, Inc. $17,500,000 Financing (KVTT‐FM in Dallas, Texas) 2009 [email protected] Publicmedia.co 720.304.7274 7 Wasatch Public Media Financing through Public Radio Fund and Other Lender (KCPW‐FM in Salt Lake City, Utah) 2008 New Hampshire Public Radio Financing for new building, studios and equipment (New Hampshire) 2008 Colorado Public Radio Financing (KFDN‐FM in Denver, Colo.) 2008 Puget Sound Public Radio Financing (KXOT‐FM in Seattle‐Tacoma, Wash.) 2006 Cincinnati Public Radio Financing (Cincinnati, Ohio) 2005 Oklahoma State University Financing (Oklahoma City & Tulsa, Okla.) 2004/2005 Park City Community Wireless Financing (Salt Lake City, Utah.) 2003 Nashville Public Radio Financing (Nashville, Tenn.) 2001/2002 Colorado Public Radio Financing (Denver, Colo.) 2001/2002 Total COMBINED TOTAL $2,818,000 $6,000,000 $8,200,000 $6,000,000 $15,000,000 $7,000,000 $2,400,000 $5,690,000 $6,300,000 $99,605,305 626,001 2,085,744 4,939,509 $317,822,705 69,321,369 (a) The column represents the public media service area expanded or preserved by each transaction based upon the population coverage within the 60dBu (1.0mV/m ) FCC contour. Population predictions based upon V‐Soft Communications ‐ Probe 3 with Longley‐Rice propagation model for the FMs (at 9.1m receiver height above ground) and FCC contour daytime coverage for the AMs. (b) Pending FCC approval. (c) Transaction size based on net present value of cash flows associated with the purchase price and sellers note, discounted at 3%. (d) Transaction total amount includes $550,000 in non‐cash consideration. Primary coverage represents potential coverage of the proposed upgraded signal for KTBG‐FM. [email protected] Publicmedia.co 720.304.7274