Update 6/5: Both sales have been filed with the FCC.
Mapleton will be paying $2.15 million for KWAV, while Mount Wilson acquires KBOQ for $200,000.
Update 5/30: In order to fit KWAV in its cluster, Mapleton will spin-off Soft AC “B103.9” KBOQ Seaside to Mount Wilson FM Broadcasters.
Original Report 5/29: Buckley Radio continues its slow divestiture of its radio holdings as it sells AC “K-Wave” 96.9 KWAV Monterey, CA to Mapleton Communications.
Terms of the sale were not disclosed. KWAV will join a Mapleton cluster that includes Variety Hits “95.5 Bob-FM” KKHK, CHR “101.7 The Beach” KCDU, Soft AC “B103.9” KBOQ, Classic Rock “104.3 The Hippo” KHIP, and AAA 107.5 KPIG. Mapleton will likely need to divest one of their existing stations.
Buckley President & CEO Joe Bilotta said, “Our ability to compete in the highly consolidated Monterey-Salinas market with a free standing FM was a significant reason to entertain and eventually sell KWAV to Mapleton Communications. With this acquisition, Mapleton will be even more of an impact player in the Monterey market and they are very excited to have the Buckley station as part of their growing cluster and company.”
Mapleton President & CEO Jim Shea said, “I have always admired KWAV. They have been great competitors and I am truly thrilled for the opportunity to work with them.”
Following the sale Buckley will retain Sports “ESPN 630” KIDD in the Monterey market. Buckley sold 97.9 KYZZ to Mount Wilson FM last year. Buckley is also awaiting the closing of the sale of its Connecticut stations to Connoisseur Media.
Richard Foreman of Richard A. Foreman and Associates represented Buckley in the transaction.