Alpha and L&L To Merge; Acquire Main Line Broadcasting
Larry Wilson is merging his two operating companies into one and acquiring another. Alpha Broadcasting and L&L Broadcasting will merge to become Alpha Media, while purchasing Main Line Broadcasting’s 19 stations in four markets for $57 million.
Both Alpha and L&L were founded by Larry Wilson sharing the same management teams with L&L already operating Alpha’s stations.
Following the completion of the two transactions the company will operate 68 radio stations in 12 markets. L&L’s deal to acquire Main Line was first reported in February by Tom Taylor Now.
Alpha Broadcasting & L&L Broadcasting announced today that they have entered into an agreement to merge the companies and upon consummation of the merger, will become Alpha Media. The current corporate team for Alpha Broadcasting and L & L Broadcasting will remain and operate the company from the corporate headquarters in Portland, Oregon.
Alpha Broadcasting is headquartered in Portland, Oregon where it operates six stations. L&L Broadcasting is also headquartered in Portland, Oregon and operates 43 stations in seven markets. L&L has been overseeing the operation of the Portland stations for the last year pursuant to a management agreement with Alpha.
Larry Wilson, Chairman and an investor in each company, said that “the merger will be the culmination of a long term plan to ultimately combine the two companies and will allow us to streamline our oversight of all 49 stations to take advantage of the many synergies.”
“We are proud to have partnered with Alpha Broadcasting over the past five years in the Portland market. This merger is the result of the Alpha team executing on its original disciplined growth plan, and we are excited to be a part of the new Alpha Media going forward,” said Mark Dorman, Managing Director of Endeavour Capital.
L & L Broadcasting also announced today that it has entered into an agreement to acquire 19 radio stations from Main Line Broadcasting for $57 million. Main Line Broadcasting is headquartered in Philadelphia, Pennsylvania and operates 19 stations in four markets including Louisville, KY; Richmond- Petersburg, VA; Dayton, OH and Hagerstown, MD-Chambersburg, PA.
L & L Broadcasting President and CEO, Bob Proffitt remarked, “We’ve worked hard to maintain strong community involvement and an intimate connection with our listeners and advertisers in all of our markets, I’m confident that we’ll be able to implement our mission of live and local radio in the Main Line markets.”
“I am extremely proud of all of Main Line Broadcasting’s employees who have done a phenomenal job over the years. I am pleased to have these great broadcasters now under the leadership and vision of Larry Wilson and Bob Proffitt. There’s not a better company than L&L Broadcasting to ensure this continued success,” noted Main Line Broadcasting CEO, Marc Guralnick.
Media Venture Partners represented Main Line Broadcasting.
Upon the successful completion of these transactions, the new Alpha Media, headquartered in Portland, Oregon will own and operate 68 radio stations in 12 markets across the United States.
L&L brings its acquired clusters in Biloxi MS, Bluefield WV, Columbia SC, Jackson MS, Peoria IL, San Antonio TX, and Savannah GA.
Alpha Broadcasting currently operates six stations in the Portland market: CHR “Live 95.5” KBFF, Country “98.7 The Bull” KUPL, News/Talk 101.1 KXL, AAA 101.9 KINK, Sports “750 The Game” KXTG, and Conservative Talk “Freedom 970” KUFO.
The Main Line stations included in the sale are:
The sale comes as Main Line investor Arlington Capital continues its exit from radio. The company recently abandoned its ownership stake in Cherry Creek Radio.