A Service of Clifton Gardiner & Company

Radio Station Brokers

We prepare Fair Market Valuations for radio stations, nationwide

There are several reasons why an accurate, up to date value of a radio station needs to be determined:

  • An owner’s peace of mind, including an update of industry radio station values
  • A corporate restructuring
  • Estate planning and settlement
  • Financing an acquisition through a financial institution
  • Preparing for the sale of a station(s)
  • Preparing for the purchase of a station(s)

Radio stations are almost always valued through a process called a Fair Market Valuation, or FMV.  This process allows for recognition of the unique features of the broadcast industry:

  • Value based on the number of people (POPS) covered by the station’s signal, using a standard multiple
  • Value based on the station’s operating income (BCF), or cash flow, using a standard multiple
  • Value based on the station’s gross revenue (seldom used today)

The value of a station’s equipment is not usually a component of the valuation, because it is assumed to be in good order for the station to cover “people” and to generate “cash flow”.  (A FMV is sometimes reduced if the equipment is minimal or in bad condition.)

Radio Station Acquisition Financing:  Under current US government  regulations for financial institutions, banks are basically restricted to “asset based” loans with minimal consideration of the borrower’s operating income.  For this reason, it is essential for a borrower to include a professionally prepared Fair Market Valuation in the loan request documents.  The report must be comprehensive and each assumption or conclusion must be backed up by credible research and documentation.


  • STICK VALUE: For radio stations with little or no cash flow, or operating income
  • FULL FAIR MARKET VALUE: This comprehensive report includes a complete analysis, including Cash Flow, POPS, Gross Revenue and Comparable Sales

What is the difference between a “Radio Station Valuation” and a “Radio Station Appraisal”?

Valuation:  A radio station valuation is expressed as Fair Market Value (“FMV”).  FMV is generally defined as the cash, or cash equivalent, price for which a property would change hands between a willing buyer and a willing seller in an arm’s length transaction, both being adequately informed of the relevant facts, and neither being compelled to buy or sell.  In the absence of an actual sale, Fair Market Value may be estimated using industry accepted guidelines.

Appraisal:  An Appraisal is an estimate of the market value of property, usually real estate.  It does not consider the value of operating income from the property.  Physical assets such as buildings or land rarely comprise a significant portion of a radio station's fair market value.

Clifton Gardiner & Company provides radio station valuations to owners, lenders and many others for a variety of requirements.  We can propose a valuation for any requirement, large or small.  We are well known and respected in the broadcast industry for the accuracy of our valuation reports.

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Radio Station Valuation

A division of

Clifton Gardiner & Company, LLC

24645 S Augusta Ct

Sun Lakes, AZ  85248



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