iHeartMedia Moves Divestiture Trusts To New Trustee; Adds Two Stations
Following the death of longtime trustee Jeannette Tully in September, iHeartMedia is restructuring its trusts under the oversight of former Backyard Broadcasting CEO Barry Drake.
Drake will become the trustee for the Aloha Station Trust II, Ocean States Trust, and the newly formed Sun and Snow Station Trust. The Aloha Station Trust was formed in 2008 following the privatization of Clear Channel Communications that required divestments and still holds the licenses for thirteen stations. The Ocean States Trust was formed in 2017 for the divestment of 1430 WKOX Boston and 102.9 KFNY and 104.9 KTDD in the Seattle market following iHeartMedia’s acquisition of some of Entercom’s mandated divestments from its acquisition of CBS Radio.
The new Sun and Snow Station Trust will hold two licenses that are required to be divested due to iHeartMedia’s bankruptcy restructuring. As iHeartMedia will lose its grandfathered ownership limits in the Brunswick GA and Grand Forks ND markets, the company has placed “Cat Country 100.3” KSNR Fisher MN and Rock “107.7 The Fox” WHFX Darien GA into the newly formed trust.