M&A Deal Summary

Providence Equity Partners Acquires Newport Television

On March 18, 2008, private equity firm Providence Equity Partners acquired media company Newport Television from iHeartMedia for 1.0B USD

Acquisition Highlights
  • This is Providence Equity Partners’ 15th transaction in the Media sector.
  • This is Providence Equity Partners’ 20th largest (disclosed) transaction.
  • This is Providence Equity Partners’ 32nd transaction in the United States.
  • This is Providence Equity Partners’ 2nd transaction in Missouri.
Investment Fate
  • Newport Television was sold to a strategic buyer in 2012.

M&A Deal Summary

Date 2008-03-18
Target Newport Television
Sector Media
Buyer(s) Providence Equity Partners
Sellers(s) iHeartMedia
Deal Type Divestiture
Deal Value 1.0B USD

Target

Newport Television

Kansas City, Missouri, United States
Broadcast TV company with 56 stations across 20 markets in the U.S.

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Buyer(S) 1

Buyer

Providence Equity Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 36.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Providence Equity Partners is a specialist private equity firm that targets investments in media, entertainment, communications, and information companies. Specifically, Providence seeks investments in wireless and wireline telephony, cable television content and distribution, music, film, publishing, radio and television broadcasting, and other media and communications sectors. Providence Equity looks to commit $150 million to $800 million of equity capital in transactions ranging from growth financings and recapitalizations, to buyouts and take-privates. Providence Equity Partners was formed in 1989 and has offices in Providence, Rhode Island; New York, New York; Los Angeles, California; London, United Kingdom; Hong Kong, China; and New Delhi, India.


DEAL STATS #
Overall 49 of 135
Sector (Media) 15 of 29
Type (Divestiture) 7 of 11
State (Missouri) 2 of 3
Country (United States) 32 of 85
Year (2008) 1 of 5
Size (of disclosed) 20 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-12-03 Volia

Kyiv, Ukraine

Volia is a cable TV and broadband internet provider. Its network connects over 900,000 homes in Ukraine, serving over 700,000 RGUs in four cities within Ukraine: Kyiv, L’viv, Alchevsk, and Chernivtsy. Volia provides services such as analog cable TV, digital cable TV, high-speed cable Internet access, VoIP and data services. Volia was founded in 2002 and is based in Kyiv, Ukraine.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Casema NV

The Hague, Netherlands

Casema NV is a provider of analogue TV, digital TV and broadband Internet access to its residential customers, and leased line data communications and voice telephony to its business customers.

Sell -

Seller(S) 1

SELLER

iHeartMedia

San Antonio, Texas, United States

Category Company
Sector Media
Employees9,180
Revenue 3.8B USD (2023)
DESCRIPTION

iHeartMedia is a diversified media and entertainment company with three reportable business segments, iHeartMedia, Americas outdoor advertising, and International outdoor advertising. iHeartMedia is based in San Antonio, Texas.


DEAL STATS #
Overall 3 of 4
Sector (Media) 2 of 2
Type (Divestiture) 2 of 2
State (Missouri) 1 of 1
Country (United States) 3 of 4
Year (2008) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-12-21 Live Nation

Beverly Hills, California, United States

Live Nation is a live entertainment company. Live Nation produces live music concerts; owns, operates, has exclusive booking rights for or has an equity interest in 148 venues, including House of Blues music venues and locations such as The Fillmore in San Francisco, the Hollywood Palladium, the Ziggo Dome in Amsterdam and The O2 Dublin; provides ticketing sales and marketing services; and provides artist management services. Live Nation was formed in 2005 and is based in Beverly Hills, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-13 HowStuffWorks

Atlanta, Georgia, United States

Stuff Media LLC is a publisher of podcasts. Stuff Media shows includes Stuff You Should Know, Stuff You Missed in History Class, Atlanta Monster and now Cabinet of Curiosities, the Stuff Media team reaches audiences on every platform where podcasts are consumed, with a library of over 10,000 episodes and well over 1 billion downloads to date. The company is headquartered in Atlanta and also operates studios out of Los Angeles.

Buy $55M