Connoisseur Media Sells Billings Cluster To Desert Mountain Broadcasting
Update 5/9:Cam Maxwell’s Desert Mountain Broadcasting will pay $3 million for Connoisseur Media’s Billings MT cluster.
As part of the deal, Connoisseur will buy back Maxwell’s stock in subsidiary Connoisseur Colleagues LLC for $150,000. They will also enter into a consulting agreement with Maxwell for one year on an as needed basis paid in a $150,000 consulting fee.
Original Report 5/7: Cam Maxwell’s Desert Mountain Broadcasting has announced it has agreed to purchase Connoisseur Media’s six station cluster in Billings MT.
Maxwell knows the properties very well as he has served as General Manager of the cluster since 2005 and later added Regional Vice President duties for Connoisseur. Connoisseur has been rapidly restructuring its ownership holdings by swapping its Erie PA cluster to iHeartMedia for two stations in Frederick MD and trading its Allentown PA cluster to Cumulus for additional stations in Bridgeport CT. Upon completion of the deals, Connoisseur will own seventeen stations in Frederick MD, Long Island NY, Fairfield and New Haven CT, and Stroudsburg PA.
Connoisseur Media and Desert Mountain Broadcasting have announced the signing of an Asset Purchase Agreement where Desert Mountain Broadcasting will acquire Connoisseur Media Billings assets, which includes: KPLN-FM, KWMY-FM, KRZN-FM, KRKX-FM, KYYA-AM and KBLG-AM.
“This journey began almost fourteen years ago when Jeff Warshaw and CFO Mike Driscoll gave me the opportunity to help build multiple markets from just construction permits. And now I’m in the very rare position to be able to launch my new media company, by purchasing from these exceptional broadcasters, six radio stations I’ve helped to create. I’m forever grateful for this incredible time with Connoisseur Media and the constant mentoring they’ve provided. With this first acquisition, Desert Mountain Broadcasting launches today on a solid foundation, built upon the values and best practices embedded in me by Jeff, Mike and COO David Bevins”, said Cam Maxwell, CEO of Desert Mountain Broadcasting.
“It is an honor and a pleasure to give Cam the opportunity to purchase these terrific stations. He has done an amazing job building them up and making the operation an integral part of the Billings area. Cam is a dedicated broadcaster, and we are excited to watch him soar”, said Jeff Warshaw, CEO of Connoisseur Media.