SALES – STATIONS
Kentucky – Kristin Cantrell’s Seven Mountains Media files a $250,000 deal to buy WKYL, Lawrenceburg, KY (102.1) from Davenport Broadcasting. The deal includes a $125,000 promissory note. Seven Mountains Media already owns three other stations in the area west of the Lexington-Fayette, KY market, including classic hits “Passport Radio 93.5-103.7” TK/WFRT-FM/WKYW (103.7/1490), “Froggy Country” WFKY (104.9). Seven Mountains Media will operate WKYL under a local marketing agreement until closing. WKYL current simulcasts Eastern Kentucky University’s noncommercial news-talk WEKU (88.9) from the Lexington market.
SALES – TRANSLATORS
Wisconsin – Rob Austin’s Jamtrax Media files a $100,00 deal to buy the Madison, WI-licensed translator W277AE at 103.3 FM from Faith Center. Chicago-based JamTraxx Media syndicates music programming to hundreds of radio stations, including its Spin FM format. The contract allows Austin to continue simulcasting Fusion Radio’s contemporary Christian “The Lighthouse” WFEN, Rockford, IL (88.3) for up to six months while Jamtrax Media upgrades the translator’s signal and change the translator to a commercial operation. JamTraxx Media produces mix shows and formats which it syndicates to radio stations. While the Madison translator becomes its first property, Jamtraxx first announced plans to expand into station ownership in 2012 as a way to distribute its 24-hour formats. Broker: Kozacko Media Services
Florida – The University of Florida files a $46,001 deal to buy the Williston, FL-licensed translator W274BT at 102.7 FM from Edgewater Broadcasting. The University has used the FM to simulcast sports “ESPN 850” WRUF-AM, Gainesville-Ocala, FL since 2015. The University also owns country “103.7 The Gator” WRUF-FM in the Gainesville-Ocala, which along with “ESPN 850” both are commercial stations. It also owns the noncommercial NPR affiliate WUFT-FM (89.1).
Arkansas – John Brown University files a $18,429 deal to buy the Van Buren, AR-licensed translator K266BS at 101.1 FM from Edgewater Broadcasting. The University says it will use the signal to simulcast contemporary Christian KLRC, Tahlequah, OH (90.9).
Multistate Deal – Apollo Global Management closes on a pair of deals worth a combined $3.6 billion that will give the private equity firm a majority stake in Cox Media Group. The deal includes 54 radio stations across 10 markets, 13 TV stations in 10 markets, 3 newspapers in Ohio, the TV rep firm CoxReps, and the Gamut national advertising business. Cox Enterprises will continue to hold a minority stake in the company. Apollo is separately also acquiring 20 television stations in 10 markets from Northwest Broadcasting for $384 million. Those stations will be rolled into Cox Media Group. In order to comply with the FCC’s local radio ownership caps, two FM stations—alternative “97X” WSUN in Tampa and CHR “Power 95.3” WPYO in Orlando—will be placed in the Elliot Evers-run CXR Stations Trust for sale. The FCC is giving Evers two years to sell the FMs.
Michigan – Jamie McKibbin closes a $3.8 million deal to buy CHR “K-105.3” WKHM-FM, Brooklyn, MI; country “The Power Cow” WIBM, Jackson, MI; and “News Talk 970” WKHM, Jackson, MI from Jackson Radio Works. The deal also includes three FM translators each licensed to Jackson, MI including W240DG at 95.9 FM which simulcasts WIBM, W268CA at 101.5 FM which simulcasts WKHM, and W270CJ at 101.9 FM which simulcasts the HD2 sports format aired on the HD2 channel of WKHM-FM. The deal includes a $500,000 promissory note.
Michigan – Immaculate Heart Media closes a $345,000 deal to buy religious outlets WTCK, Charlvoix, MI (90.9); WTCY, Greilickville, MI (88.3); WGJU, East Tawas, MI (91.3); WGZR, Alpena, MI (88.9) and WIDG, St. Ignace, MI (940) from Baraga Broadcasting. The deal also includes the Gaylord, MI-licensed translator W221CA at 92.7 FM.
Editor’s Note: This is the final Deal Digest of 2019. Our next report on radio’s deal market will be on January 9, 2020.