BIA Says Radio Deal Volume Jumps In May, Driven by Alpha-Connoisseur Deal.

There was a big jump in the number of radio station sales in May, with Connoisseur Media’s acquisition of Alpha Media’s 200 stations a big factor. BIA Advisory Services reports that 236 station sales applications were filed with the Federal Communications Commission during May, worth a combined $30.5 million. That makes it the most active month so far this year, with the total eclipsing the 44 station sales filed in April. But without the Alpha-Connoisseur deal, May would have actually been a quieter month overall.

The addition of May’s sales numbers brings the 2025 tally to 480 radio stations sold during the first five months of the year, for what BIA calculates is a combined $184.7 million.

BIA says the television sales market has also remained quiet as many operators remain in a holding pattern to see whether the FCC moves to relax ownership limits later this year. For now, BIA says eight TV stations were sold in May, worth a combined $23.2 million. It represented a quarter of the 32 stations in total sold this year in the television industry, worth a combined $147.4 million.

For both sellers and buyers, there are several key factors at mid-year to consider says Bob Heymann, Managing Director of Media Services Group-Chicago. “While activity hasn't disappeared, both valuation expectations and buyer enthusiasm are being shaped by regulatory uncertainty, broader market dynamics, and competition for capital,” he says.

There has been a lot of speculation that the tariffs could impact ad spending, and in turn broadcasters, but several analysts have said that fears of massive cuts have not materialized, yet at the same time some forecasters are boosting their outlooks while others are tempering their expectations for the coming months. For the deal market, Heymann says that creates economic and political wildcards that buyers and sellers must overcome.

“Ongoing economic uncertainty, influenced in part by Trump administration policy shifts, is affecting ad spending. With concerns of a possible recession looming, marketers may retrench—and radio, which is heavily dependent on advertising revenue, could be particularly vulnerable,” he says.

Potentially an even bigger factor for many radio operators, Heymann says there remains regulatory uncertainty which has put a hold on potential deal-making.

“The FCC has indicated a willingness to relax local ownership caps, which could open the door for increased consolidation. However, until final decisions are made, many potential transactions are in a holding pattern,” he says. “A seller who might command a premium by selling to a market's leading cluster is currently restricted from doing so. Until those rules change—or don’t—dealmakers are paralyzed by the uncertainty.”

The radio industry is also facing larger secular issues, with more competition than ever from digital media outlets. And with several of the biggest companies seeing their stock price shrink and even risk delisting as Wall Street has rendered what Heymann sees as a sobering verdict on traditional radio, he says it has been harder to raise capital with the option of putting their dollars into AI, biotech, or semiconductors.

Yet amid all the headwinds, Heymann says radio still retains unique strengths—including localism, trust, and reach. In smaller markets, particularly, stations with strong community ties and lean operations continue to perform well, resulting in positive broadcast cash flow. And owners who embrace digital integration and focus on hyperlocal relevance can still be profitable. Heymann says that will lead to buyers, especially those who understand that value doesn’t always scale, but it can still resonate.

“In every cycle, there are buyers who see opportunity where others see risk,” he says. “It’s what makes a market.”