(Reuters) - Privately held AccentHealth, a company that shows CNN programming hosted by Dr Sanjay Gupta on TV screens in the waiting rooms of doctors’ offices, is exploring a sale that could fetch $300 million, people familiar with the matter said on Monday.
AccentHealth is working with investment bank Moelis & Co to help find a buyer, said the people, who asked not to be named because the matter is not public. AccentHealth is owned by private equity firms M/C Partners and Ridgemont Equity Partners.
The company pays a licensing fee to Time Warner Inc’s Turner Private Networks to carry customized medical segments featuring Gupta, who is CNN’s chief medical correspondent, and Robin Meade, host of HLN’s morning show.
The company, founded in Tampa, Florida, in 1995, has screens in 30,000 waiting rooms, reaching 200 million patients annually, according to its website. It generates revenue by selling advertising to companies that want to reach patients in waiting rooms of doctors’ offices.
The company also sells medical wall displays and distributes marketing brochures.
Its competitor PatientPoint, owned by private equity firm Catterton, is one of the companies that may look at acquiring AccentHealth, the sources said.
AccentHealth generates roughly $20 million to $25 million in earnings before interest, taxes, depreciation and amortization and could sell for roughly 10-12 times that amount, one of the people said.
An AccentHealth representative could not immediately be reached. A Moelis spokeswoman declined to comment.
Reporting by Liana B. Baker and Mike Stone in New York; editing by Matthew Lewis