Timothy Milner’s Milner Broadcasting Enterprises is selling his four station cluster in Kankakee IL to a new company with a similar name.
Milner Media Partners will acquire Oldies “92.7 The Valley” WVLI Kankakee/96.1 W241BS Bourbonnais, CHR 95.1 WFAV Kankakee and
Country “River Country 101.7” WIVR Kentland IN/103.7 WYUR Gilman IL for 5.374 times the Adjusted Net Operating Income generated between April 1, 2017 and March 31, 2018.
Timothy Milner will remain part of the new group holding the position of CEO, but having just a 2% ownership stake. The remainder of the new company will be held by former Triad Broadcasting CEO David Benjamin, former KGO San Francisco General Manager Mickey Luckoff, and Robby Markose’s R2 Investments LLC each with a 32.66% stake.
MILNER BROADCASTING ENTERPRISES, LLC, a Delaware limited liability company has entered into an agreement to sell WVLI(FM) Kankakee, IL, WFAV(FM) Kankakee, IL, WIVR(FM) Kentland, IN, WYUR(FM) Gilman, IL; and W241BS Bourbonnais, IL to a new company,
MILNER MEDIA PARTNERS, LLC, a Delaware limited liability company.*
The purchase price will be determined prior to closing based on the company’s Adjusted Net Operating Income.
Bob Heymann of the Chicago office of Media Services Group and George Reed of the Jacksonville office of Media Services Group served as the exclusive brokers in this transaction.