Update 5/27: The sale has been filed with the FCC showing that Connoisseur Media will pay $50 million for 1370 WALK/97.5 WALK-FM Patchouge.
Additionally, one of the Qantum stations will be sent to the Brunswick Divestiture Trust. Urban “B92.7” WBGA St. Simons Island, GA will be spun-off to keep the cluster under the ownership limits as it loses its grandfathered status. The trust will be run by Jeannette Tully, who also operates the Aloha Stations Trust.
Original Report 5/15: Qantum Communications, Clear Channel, and Connoisseur Media have announced a three way deal involving 31 stations.
Qantum, led by Frank Osborn, will swap its 29 stations in five markets to Clear Channel for the Aloha Station Trust held Standards 1370 WALK and AC 97.5 WALK-FM Patchouge, NY. Qantum will then turn around and sell the two Long Island stations to Connoisseur Media. They will join a cluster that already includes Rock “94.3 The Shark” WWSK, AC “K98.3” WKJY, Classic Hits “B103” WBZO, and Standards 1100 WHLI.
The stations Clear Channel will acquire in the deal are:
Florence, SC: Country “Eagle 92.9” WEGX, Urban “Swagga 94.1” WRZE/970 WJMX, Urban AC “102.9 The Flo” WZTF, Hot AC “103X” WJMX-FM, Christian AC “Sunny 105.5” WDAR-FM, Gospel 800 WDSC, News/Talk 1400 WWRK
Qantum Communications Corporation announced today that it has agreed to swap substantially all the assets of its 29 radio stations to Clear Channel Media and Entertainment in exchange for substantially all the assets of Aloha Trust (of which it is the beneficiary) radio stations WALK-AM/FM serving Long Island, NY. Qantum has also agreed, in a simultaneous closing, to sell the assets of WALK-AM/FM to Connoisseur Media. Both transactions are subject to Federal Communications Commission approval and other customary closing conditions.
Qantum’s radio stations include WCOD-FM, WCIB-FM, WXTK-FM and WEII-FM serving the Cape Cod, MA market; WWXM-FM, WGTR-FM, WRXZ-FM, WYNA-FM and WLQB-FM serving the Myrtle Beach, SC market; WEGX-FM, WJMX-FM, WDAR-FM, WZTF-FM, WRZE-FM, WJMX-AM, WWRK-AM and WDSC-AM serving the Florence, SC market; WYNR-FM, WQGA-FM, WBGA-FM, WHFX-FM, WGIG-AM and WMOG-AM serving the Brunswick, GA market; WKKR-FM, WMXA-FM, WCJM-FM, WZMG-AM, WTLM-AM and WPLV-AM serving the Auburn, AL and West Point, GA markets.
Qantum President Frank Osborn said, “We are very proud of all that our clusters have achieved. Each cluster is the leader in its respective market and reflects the talent, dedication and hard work of local management and staff. We will miss working with them, but felt this unique transaction was in the interests of our stockholders. It is rare when you find an instance where cooperation among three companies results in higher value for all.”
“We are honored to add WALK to our rapidly growing group of terrific properties,” says Jeffrey D. Warshaw CEO of Connoisseur Media. “We look forward to continuing WALK’s heritage of commitment to Long Island.”
Media Venture Partners acted as broker on the transaction.
Qantum Communications was formed by Mr. Osborn along with partners Michael Mangan and Frank Washington to acquire and operate radio stations in medium and smaller sized markets throughout the United States.
Connoisseur Media owns/operates 39 stations and is in the process of acquiring stations in Hartford, CT. Connoisseur owns WKJY (K 98.3), WBZO (B-103), WWSK (The Shark) and WHLI in the Nassau-Suffolk metro.