Yep, it was just approved this week. I guarantee it will be accretive to the bottom line. I've been involved in these in market buys several times where we strip the bought station down and then you are looking at 60% margins over night. It will make a difference in our 3rd quarter cash flow. If we can now put an off time news like a 7 pm or 10 pm it becomes straight cash flow. Very little expenses due to the news room already being in place, now it's just added revenue from the second channel.
Their two year average for after tax, capital investments and interest bring home put in your freaking pocket cash is 70 million dollars. They are sitting at an enterprise value for the company of 830 million dollars. That is an 8.5%, after tax, return on your investment. Somebody will grab this up. This doesn't even take into effect the valuable assets they own like the Spectrum in all these top 70 markets. Hell, just their real estate is worth a hundred million dollars. No sense whatsoever. I'm buying more at $4. I will start selling BLC if we get to $4. This is the best value on this block right now.