Alpha Closes On Digity Purchase
It was delayed an additional day, but Alpha Media has finally closed on its purchase of Digity Media.
With the closing of the deal, Alpha now owns 251 stations in 53 markets making it the fourth largest operator in terms of stations and 3rd in market count. The entire list of stations joining Alpha can be seen here.
Alpha Media Portland, OR announced today they have closed the purchase of Digity radio stations.
Alpha Media will add the Digity markets to the one hundred thirty-seven stations currently in the Alpha Media portfolio. The closing of Digity, LLC brings the total number ofstations owned or operated by Alpha Media to 251 in 53 markets. With the acquisition of Digity, LLC Alpha Media has become the 4th largest broadcast company in the country in terms of station count and the 3rd largest in terms of market count.
Larry Wilson, Chairman of Alpha Media commented on the announcement, “We are very pleased to get this remarkable transaction done resulting in making Alpha the 4th largest radio company in America. In our fold is now an exceptional stable of diversified stations and markets; bigger markets like West Palm Beach and San Jose, to smaller markets like Mason City, Iowa and Myrtle Beach, South Carolina serving not only their towns but surrounding areas and communities. It has been a tremendous pleasure to work with respected broadcaster,
Dean Goodman, and his management team. We look forward to joining forces with the phenomenal people at Digity doing radio the rightway.”
“I have been honored to work with the great broadcasters of Digity. They know their roots are in live and local and their future is dynamic. They will excel as individual andcollective entrepreneurs with Alpha. We hand off a thriving company, up this year at top of the industry. I wish Larry, Donna, Bob and team all the best, they have assembled a great platform.” Dean Goodman, CEO of Digity, LLC remarked.
RBC Capital Markets, LLC acted as sole financial advisor and Cooley LLP as transaction and regulatory counsel to Digity.
George Reed of Media Services Group is the broker for Alpha Media.
Original Report 2/23: As first reported this morning by Tom Taylor Now, Alpha Media will close on its $264 million purchase of Digity Media and its 116 stations at midnight tonight.
Digity employees in multiple markets were informed this morning that a mandatory conference call for all employees will take place at 1:00pm eastern on Wednesday going over going over the basics like changes to payroll, benefits and e-mail with the ownership transition.
The deal adds 26 new markets to Alpha from San Jose and West Palm Beach on the larger side to Luverne MN and Waynesville MO on the smaller end. Digity was built through the consolidation of the former NextMedia and Three Eagles groups and the former CBS West Palm Beach cluster with the existing GoodRadio.TV. The entire list of stations joining Alpha can be seen here.