Audacy has announced it has agreed to sell its St. Louis stations to Hoffmann Media Group, a a part of the Winnetka IL based HF Companies.
Terms have not yet been disclosed. Included in the sale are Adult R&B “96.3 R&B” WFUN-FM St. Louis, Conservative Talk “97.1 FM Talk” KFTK-FM Florrisant, Hot AC “Y98” KYKY St. Louis, AC 102.5 KEZK St. Louis, News/Talk 1120 KMOX St. Louis/104.1 KMOX-FM Hazelwood, and Hip Hop “Hot 98.7” K254CR St. Louis/KEZK-HD2.
Hoffman Media Group owns multiple newspapers across the country, and its parent organization recently acquired the NHL’s Pittsburgh Penguins.
In a memo to employees, Audacy CEO Kelli Turner said, “While we were not actively looking to sell these stations, HF Companies presented an opportunity for the Company that ultimately made strong business sense for both parties. As always, the transaction remains subject to FCC approval and other customary closing conditions.”
Turner continued, “For our St. Louis colleagues, there are no anticipated changes to day-to-day operations, reporting structures, compensation or benefits as a result of today’s announcement. We recognize that news like this creates uncertainty, and we are committed to providing updates and transparency throughout the process.”
“HF Companies has expressed a strong commitment to local media and to investing in the iconic brands that have served St. Louis listeners for decades. We believe these stations will continue to play an important role in the community while benefiting from an owner focused on the market’s long-term success.”
“For Audacy, this transaction reflects the continued value of our strong local media assets and provides us with more resources to invest in markets and initiatives with the highest potential to drive our growth. Our strategy and our commitment to local audio, our audiences, our advertisers, and the communities we serve across the country remain unchanged. We appreciate the continued professionalism and passion of our St. Louis team as we work through this process. We’ll miss our close collaboration and partnership, but we’ll be rooting everyone on as this next chapter begins.”
More details coming.
