Midwest Communications will pay $21.6 million for Alpha Media’s six stations and three translators in Peoria.
Original Report 2/4: Midwest Communications will acquire Alpha Media’s six stations in Peoria IL for an undisclosed amount.
Peoria becomes the first cluster for Midwest in Illinois, as it operates 75 stations in Indiana, Michigan, Minnesota, North Dakota, South Dakota, Tennessee, and Wisconsin. The stations involved in this deal are Classic Hits “93.3 The Drive” WPBG, Classic Hip-Hop “G102.3” WNGY, Country “104.9 The Wolf” WXCL, AC “Mix 106.9” WSWT, Oldies “Superhits” 1290 WIRL/102.7 W274BM, News/Talk 1470 WMBD/100.3 W262BY, as well as “95.9 The Sports Nut” W240DM/WPBG-HD3.
Kalil & Co. served as broker of the deal.
This is to announce that a contract has been signed and an application is being filed with the FCC for the transfer of six radio stations WIRL-AM, WMBD-AM, WPBG-FM, WSWT-FM, WNGY-FM, and WXCL-FM, all in Peoria, Illinois, from Alpha Media to Midwest Communications, Inc.
The Seller, Alpha Media, is an Oregon-based company that owns 201 stations in 44 markets, pending the completion of all announced transactions. Alpha Media CEO/President, Bob Proffitt, commented on the sale, “It’s been an honor to work with Mike Wild and the great team in Peoria. They have been an integral part of Alpha and will be missed. We are sad to see them go but know they are in great hands with Duke Wright and the Midwest Communications family.”
The Buyer, Midwest Communications, Inc., is a Wisconsin-based company headed by Duke Wright. Midwest also owns 75 radio stations throughout Tennessee, Michigan, Wisconsin, Indiana, North Dakota, South Dakota, and Minnesota. Midwest CEO/President, Duke Wright, commented “The first time my wife and I visited Peoria was to visit son Michael enrolled at Bradley University. We were most impressed with the city and its radio stations. My thought was that here was a market that would probably nicely fit into the Midwest Communications radio group. Many years later when we learned that an acquisition of the market leading Alpha stations was possible we did our due diligence and found that the Alpha stations fit our business plan perfectly. The stations represented a market leading operation in terms of staff, winning programming, technical facilities and balance sheet. We look forward to working together with the Peoria staff to continue to provide excellent radio service to Peoria and the surrounding area.”
