June 23, 2014
Atlanta/New York (June 23, 2014) – EFA Partners (“EFA”), a boutique financial advisory firm that provides investment banking services for media and entertainment companies today announced that it served as the exclusive financial advisor to Gormally Broadcasting LLC for the sale of its Massachusetts-based television station to Meredith Corporation (NYSE: MDP). Serving local communities in the Springfield/Holyoke DMA, WGGB-TV (ABC) and WGGB-TV D2 (FOX/MyNetworkTV) were purchased by Meredith for $53.8 million. The transaction is subject to FCC approval and expected to close in the third quarter of this year.
“It has been a pleasure working with Dave Harrington and the team at EFA,” stated John Gormally, founder and President of Gormally Broadcasting LLC. “Through Dave’s deep industry knowledge, relationships and marketplace expertise, we were able to maximize the ultimate value of our company’s broadcast assets. EFA continues to work very closely with us to facilitate the completion of the transaction.”
“John is a proven broadcast executive that has spent years developing these ABC and FOX affiliates into leading local franchises that deliver exceptional programming and service to the greater Springfield and Western Massachusetts communities,” stated David Harrington, Managing Director at EFA Partners. “We are proud that John chose EFA to be Gormally Broadcasting’s exclusive financial advisor for this transaction and serving in this capacity allowed us to provide a tailored, results-oriented approach from start to finish. We look forward to continuing our work with John and the Meredith team to bring this mutually successful transaction to closure.”
About EFA Partners (www.efapartners.com)
EFA Partners is a boutique financial advisory firm that provides investment banking services focused on arranging capital and strategic consulting services for media and entertainment companies. Its senior team has closed and managed over $5 billion of financings in the entertainment and media sectors. EFA has a wealth of capital source relationships including local and regional banks, lenders/lessors, national and international banks, financial institutions and private equity groups. Since its formation in 2009, EFA has been retained by over 75 clients to arrange capital as well as provide sell-side services and advise on mergers and acquisitions, business plans, investment opportunities, and general business strategy.
Robert Rinderman, Jennifer Neuman