That’s down from $207 million for the comparable period of 2009, and significantly below the many billions in annual station transactions earlier in the decade. BIA Kelsey expert Mark Fratrik says “Station owners are hesitant to sell at today’s lower multiples, while potential buyers view the growth potential conservatively, in light of the economic uncertainty.” Fratrik also cites the limiting factor of debt: “the inability to get sufficient debt financing to lower the cost of capital [for a buyer] leaves the transaction marketplace stuck in neutral.”