Alert

SummitMedia Acquires Scripps Stations In Knoxville, Omaha, Springfield & Wichita

EW Scripps has announced the sale of its final four markets to SummitMedia for $47 million. SummitMedia will acquire nineteen stations in Knoxville TN, Omaha NE, Springfield MO, and Wichita KS. The deal follow the sale of Scripps’ stations in Boise and Tucson to Lotus Communications, Milwaukee to Good Karma Brands, and Tulsa to Griffin Communications. Scripps has netted a total of $83 million for its entire radio portfolio. SummitMedia currently owns 31 stations in Birmingham AL, Greenville SC, Honolulu HI, Louisville KY, and Richmond VA. The stations involved in the sale are: KFDI (101.3 FM), KICT (95.1 FM), KFXJ (104.5 FM), KYQQ (106.5 FM) and KFTI (1070 AM) in Wichita, Kansas; KTTS (94.7 FM), KSPW (96.5 FM), KSGF (104.1 FM and 1260 AM) and KRVI (106.7 FM) in Springfield, Missouri;...[Read More]

Good Karma Acquires WTMJ/WKTI Milwaukee From Scripps

Craig Karmazin’s Good Karma Brands has announced it will acquire News/Talk 620 WTMJ/103.3 W277CV and Country “94.5 KTI Country” WKTI Milwaukee from EW Scripps for $16 million. Good Karma owns “ESPN 540” WAUK Jackson/Milwaukee as well as ESPN and ESPN Deportes Radio affiliated stations in Cleveland, Madison, and West Palm Beach and two other stations in Beaver Dam WI. The addition of WTMJ adds flagship status for all three of Wisconsin’s professional sports teams to the Good Karma roster as they serve in that role for the Milwaukee Brewers and Bucks as well as the Green Bay Packers. Scripps sold its Tulsa cluster to Griffin Communications in June and still intends to find buyers for is clusters in Boise, Knoxville, Omaha, Springfield MO, Tucson, and Wichi...[Read More]

Cox Enterprises To Explore Strategic Options For Television Stations

Cox Enterprises has announced that it is exploring its strategic options for its 14 television stations in regards to selling, merging with another operator, or partnering with another to manage. Cox currently owns or operates fourteen stations across ten markets. In five of those markets: Atlanta, Dayton, Jacksonville, Orlando and Tulsa it also operates a radio cluster whose management is completely intertwined with the television stations. In the press statement Cox says it will continue to operate their radio and newspaper properties with no immediate plans to change their portfolio, however in an internal memo Cox Enterprises CEO Alex Taylor stated, “Because the TV portfolio is the largest portion of Cox Media Group’s assets, this decision may impact other parts of Cox Media Grou...[Read More]

Entercom Acquires 101.1 More-FM Philadelphia; Divests WXTU Back To Beasley

Entercom has announced it is growing its Philadelphia cluster with the purchase of Jerry Lee Broadcasting’s market leading AC “101.1 More-FM” WBEB for $57.5 million. The deal marks the end of WBEB’s run as one of the last independently owned and operated major market FM. Jerry Lee and Dave Kurtz founded the station in 1963. Lee bought out the estate of his partner in 2005 leading to his default on the $65 million note in 2015 and a transfer of control to Sam Zell’s Zell Credit Opportunities Fund LP, however Lee continues to serve as president of the company. To make room in its Philadelphia cluster, Entercom will divest Country 92.5 WXTU to Beasley Media for $38.0 million. Beasley owned WXTU until it swapped its first Philadelphia cluster to CBS Radio in 2014....[Read More]

Scripps Sells Tulsa Cluster To Griffin Communications

EW Scripps has announced the first of its planned divestments of its radio properties with the sale of its five stations in Tulsa OK to Griffin Communications for $12.5 million. The privately held Griffin currently owns four television stations in Oklahoma: CBS affiliate KOTV 6 and CW affiliate KQCQ 19 in Tulsa and CBS/CW affiliate KWTV 9 and MyNetworkTV affiliate KSBI 52 in Oklahoma City. The company has a long history in radio as the previous owners of 1430 KTUL Tulsa and 1520 KOMA Oklahoma City. It also currently owns the statewide Radio Oklahoma Network. The stations involved in the sale are: Classic Hits “92.9 The Drive” KBEZ, Country 98.5 KVOO, Classic Country “Big Country 99.5” KXBL, CHR “106.9 K-Hits” KHTT, and News/Talk 1170 KFAQ. Scripps announ...[Read More]

FCC Denies Prometheus Translator Objections

The Informal Objections filed by Center for International Media Action, Common Frequency Inc., and Prometheus Radio Project against nearly 1000 translator applications has been denied by the FCC. The objectors sought the dismissal of 994 applications due to their supposed violation of the Local Community Radio Act arguing that the Local Community Radio Act of 2010 the FCC was to ensure that licenses are available for FM translators, FM boosters, and LPFM stations, and that those three services remain equal in status. They believed that the FCC’s failure to repeat its 2013 analysis of spectrum availability in each of its new translator filing windows placed the onus of demonstrating compliance with the LCRA on each individual FM translator applicant because none of the applicants demo...[Read More]

Cumulus Exits Bankruptcy; Unveils New Logo & Branding

Cumulus Media has completed its Chapter 11 bankruptcy restructuring. Cumulus, which filed for bankruptcy on November 29, 2017, has exited the bankruptcy protection and lowered its debt balance from $2.34 billion to $1.30 billion, consisting entirely of a term loan bearing interest at LIBOR plus 450 basis points and due May 15, 2022. Certain former stakeholders are being issued 11,052,211 shares of the Company’s Class A common stock, 5,218,209 shares of the Company’s Class B common stock and warrants to purchase 3,729,589 shares of common stock in exchange for their prior claims. Except with regard to voting and conversion rights, shares of Class A common stock and Class B common stock are identical in all respects. Generally, the holders of shares of Class B common stock are not entitled t...[Read More]

Urban One Acquires 980 WTEM Washington From Redskins

In an SEC filing Urban One states it will pay $4.2 million for WTEM. The company also anticipates to generate approximately $1.7 million of pro-forma EBITDA from the station for the remainder of the fiscal year at a multiple of 2.5x. Original Report 5/21: Daniel Snyder’s Red Zebra Broadcasting is selling its last outlet as Urban One acquires Sports “980 The Team” WTEM Washington DC to Urban One for an undisclosed price. The companies have also agreed to a rights deal to keep the NFL’s Washington Redskins gameday programming on the station, as WTEM will no longer be under common ownership with the franchise. Like last year, the games will also be heard on Cumulus Conservative Talk 630 WMAL/105.9 WMAL-FM. This is the second deal in recent years between the two compani...[Read More]

Larry & Kathie J Join Flo 107.1 Denver For Mornings

Max Media Urban “Flo 107.1” KFCO Bennett/Denver has announced the addition of Larry Ulibarri and Kathie J for mornings. The duo co-hosted mornings together at Rhythmic CHR “KS 107.5” KQKS from 2001 until their exit in March 2017. Their former partner Kendall B now does mornings at Max Media Rhythmic AC “Jammin 101.5” KJHM Watkins. The show will air from 5-10am on KFCO and then re-air in afternoons on KJHM starting Monday, June 4. The duo had been hosting an online morning show for a local marijuana dispensary chain. With the addition of Larry and Kathie J, current morning host Nina Blanco will join incumbent Slim in afternoons. DJ Bedz will remain in middays and recently promoted Assistant Program Director A-Rich stays in nights. Max Media Denver is beyo...[Read More]

102.7 WPZR Detroit Sale Details

The sale of WPZR from Urban One to Educational Media Foundation was filed with the FCC giving more details on the sale. EMF will pay $12,229,000 for WPZR and send three translators to Urban One. 93.5 W228CJ Detroit (serving Ferndale, Hamtramck, and downtown Detroit), 93.5 W228CU Riverview (covering Allen Park, Melvindale, and Southgate), and 98.3 W252BX Detroit (covering Dearborn) will be sent the other way to become part of the Gospel “Detroit Praise Network” along with 99.9 W260CB Detroit (covering Birmingham, Ferndale, Southfield & Troy). Original Report 5/1: Educational Media Foundation has filled in another one of its missing major markets for Christian AC “K-Love” by acquiring Gospel “Praise 102.7” WPZR Mount Clemens/Detroit from Urban One for...[Read More]

KUBE 93.3 Returns In Seattle

iHeartMedia has reversed its 2016 four station move and relaunched Rhythmic CHR 93.3 KUBE Seattle replacing CHR “Power 93.3” KPWK. Concurrent with that move Hot AC “106.1 Kiss-FM” KBKS Tacoma has returned to its heritage Top 40 presentation with a “Seattle’s New Hit Music” positioning. The KUBE format and IP had moved to the 104.9 Eatonville/Tacoma rimshot in the 2016 cluster revamp until it was placed in a divestiture trust last fall and flipped to Christian AC. Since then the brand has lived on KPWK-HD2. KPWK registered 18th in the Seattle market with a 2.8 share in the March 2018 Nielsen Audio ratings well behind Hubbard’s market leading CHR “Movin 92.5” KQMV’s 6.8 share. KBKS was eleventh with a 3.8 share. KPWK morning h...[Read More]

Court Approves Cumulus Restructuring; To Exit Chapter 11 By End Of Quarter

The United States Bankruptcy Court for the Southern District of New York has approved Cumulus Media’s restructuring plan paving the way for the company to exit Chapter 11 bankruptcy by the end of the current quarter. Upon satisfying the conditions of the plan, Cumulus will have shed over $1 billion in debt from its balance sheet. Cumulus originally filed for Chapter 11 Bankruptcy Protection on November 29, 2017. Cumulus Media Inc. (PINK: CMLSQ) (the “Company,” “we,” “us,” or “our”) today announced that the United States Bankruptcy Court for the Southern District of New York (“the Court”) has confirmed the Company’s Plan of Reorganization (the “Plan”). The Company expects to emerge from Chapter 11 before the end of the quarter, after the conditions to the Plan are satisfied. Mary Bern...[Read More]

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