CMG Media Corp.

Overview Key strengths Key risks Good mix of No. 1 and No. 2 ranked TV stations in large markets. Small scale and limited reach compared with its TV broadcasting peers. Rising percentage of retransmission revenue is improving stability. Operating performance is exposed to economic cyclicality because it derives roughly 55%-65% of its revenue from advertising. High leverage and aggressive financial policy due to private-equity ownership. On Feb. 22, 2022, the company announced a series of transactions associated with Standard General and Apollo Global?s acquisition of TEGNA. First, CMG will acquire four small-market stations from Standard General and transfer its Boston TV station to Standard General. The company will then receive $450 million of series B cumulative perpetual preferred shares in

...CMG's merger and acquisition (M&A) activity will transform its asset portfolio over the next 12 months, though we expect its credit metrics to remain in-line with our `B' issuer credit rating. On Feb. 22, 2022, the company announced a series of transactions associated with Standard General and Apollo Global's acquisition of TEGNA. First, CMG will acquire four small-market stations from Standard General and transfer its Boston TV station to Standard General. The company will then receive $450 million of series B cumulative perpetual preferred shares in the new TEGNA in partial consideration for its Boston station. After the close of those two transactions and the TEGNA take-private transaction, CMG will acquire TEGNA's Texas TV station portfolio, which includes five stations across Austin, Dallas, and Houston, for $914 million....

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