Arlington Capital Partners is walking away from its investment in Cherry Creek Radio.
The investment firm is abandoning its stake in the company, which owns 58 station in the western half of the country, for no cash value. Full ownership of Cherry Creek will return to President/CEO Joseph Schwartz and CFO/Treasurer Kirk Warshaw, each of whom will hold 50% interest in the company.
Cherry Creek Radio operates stations in Arizona, California, Colorado, Montana, North Dakota, Texas, Utah, and Washington including clusters in Great Falls, Kennewick-Richland-Pasco, Missoula, and St. George. The company recently sold 96.1 KSIQ San Diego to EMF Broadcasting for $1 Million.
Arlington Capital also owns a stake in Main Line Broadcasting, which operates stations in Dayton, Hagerstown, Louisville, and Richmond. That company is rumored to be up for sale as well.
