Jon Kelly Purchases Controlling Stake Of SummitMedia
SummitMedia has announced that investor Jon Kelly has purchased Highpoint Holdings’ stake in the company giving him controlling interest in the company.
Kelly was already the largest personal investor in the company. No immediate changes will accommodate the pending ownership change as the company will continue to be led by Chairman/CEO Carl Parmer. In the announcement of the purchase Parmer hints at future growth for the company commenting that “his commitment to SummitMedia positions us to take advantage of strategic opportunities and grow our platform in the years ahead.”
SummitMedia was formed in 2013 to purchase five clusters from Cox Media for $66.25 Million. Summit continues to operate in Birmingham AL, Greenville/Spartanburg SC, Honolulu HI, Louisville KY, and Richmond VA.
SummitMedia announces that shareholder and private investor Jon Kelly has reached an agreement to purchase the controlling interest held by Highpoint Holdings in the company. SummitMedia Chairman/CEO Carl Parmer stated, “Jon has been our largest individual shareholder since inception and we are delighted he will become our controlling shareholder pending FCC approval. His commitment to SummitMedia positions us to take advantage of strategic opportunities and grow our platform in the years ahead.”
Kalil and Co. Founder and President Frank Kalil added, “Jon Kelly has been a dominant force in both radio and television ownership. It is great to see such a successful and experienced broadcaster committed to backing radio, and in a big way.”
U.S. Bank Senior VP/Media, Communications and Beverage division Garret Komjathy stated, “Given U. S. Bank’s longstanding relationship with SummitMedia, we are very pleased to continue our relationship and support of SummitMedia and its investor group. We are looking forward to this next phase in SummitMedia’s growth and expansion.”