The Reason Local TV Still Sells

For months, TV industry insiders have been wondering why private equity giants like Apollo Global Management and Blackstone have been kicking the tires on local TV station groups.Television stations — the medium’s oldest form of distribution — hardly seem like a sexy acquisition target these days. By definition, local stations are regionally focused hubs at a time when Big Media is consumed with competing in the global streaming wars; they serve up linear live programming at a time when the on-demand revolution is upending the industry.TV stations also deviate from streaming in another important way: Most of them churn...