Alpha Media will be paying $38,250,000 for Morris Communications radio holdings. The purchase will consist of $18,250,000 in cash and the issuance of 8,196,722 shares in Alpha Holdings valued at $20 million and 8,196,722 shares in Alpha Holdings II valued at $6,585.
The addition of Classic Rock “100.9 The Eagle” KXGL Amarillo and Classic Country “Country Legends 106.9” KTPK Topkea from JMJ Broadcasting will cost Morris $8,650,000 as the company exercises their option agreement to purchase the stations. Those stations will then be rolled into Alpha’s purchase of Morris.
Additionally, Alpha began operating all of the Palm Springs/Victor Valley stations involved in the deal via LMA on May 15.
Original Report 5/18: Morris Communications is selling its radio division to Alpha Media for an undisclosed amount.
The long-rumored deal brings an additional 34 stations across five states to Alpha Media’s holdings for a total of 135.
As part of the acquisition, Alpha will also acquire two additional stations held by Herb McCord’s JMJ Broadcasting that Morris handles the sales for, but cannot own outright due to newspaper cross-ownership in those markets.
Alpha Media of Portland, Oregon announced today they have entered into a definitive agreement to purchase radio stations from Morris Communications. Morris owns thirty-six radio stations in 8 markets including; Topeka, KS; Salina, KS; Amarillo, TX; Palm Springs, CA; Anchorage, AK; Wasilla, AK; Grays Harbor-Hoquiam, WA and Wenatchee-Columbia River, WA.
Larry Wilson, Chairman of Alpha Media will add the Morris markets to the ninety-nine stations currently in the Alpha Media portfolio. When all pending deals are completed, it will bring the total number of stations owned by Alpha Media to 135.
Commenting on the acquisition, Wilson said, “What a wonderful thing it is to combine with such a fine stable of radio properties. They bring heritage radio stations to our platform that will truly enhance our growth opportunities extensively.”
William S. Morris III, Chairman and Chief Executive Officer of Morris Communications Company said, “We are pleased to enter into this agreement with Larry Wilson and his exceptional team. They are experienced operators that will maintain the ongoing success of these stations. We take comfort in knowing we have superior employees in each market that will continue to serve these wonderful communities.”
This transaction will be filed with the Federal Communications Commission shortly and is subject to their approval.
George Reed of Media Services Group is the broker for Alpha Media.
The stations acquired by Alpha are:
Abilene/Salina, KS: News/Talk 1150 KSAL Salina, Standards 1560 KABI Abilene, Country “Y93.7” KYEZ Salina, Oldies “Oldies 98.5” KSAJ-FM Abilene, AC “Sunny 102.5” KBLS North Fort Riley, and Classic Hits “FM 104.9” KSAL-FM Salina
Anchorage, AK: “CBS Sports 590/96.7” KHAR/K244EG Anchorage, News/Talk 750 KFQD/103.7 K279BG Anchorage, Classic Hits “Kool 97.3” KEAG Anchorage, Hot AC “Mix 103.1” KMXS Anchorage, Country “K-Bear 104.1” KBRJ Anchorage, and Rock “106.5 K-Whale” KWHL Anchorage
Palm Springs/Victor Valley, CA: News/Talk “K-News 94.3” 970 KNWZ Coachella/1140 KNWQ Palm Springs/1250 KNWH Yucca Valley/94.3 K232CX Desert Hot Springs/103.7 K279CO Yucca Valley, Sports “Fox Sports 1270” KFSQ Thousand Palms, Rhythmic CHR “U92.7” KKUU Indio, Rock 93.7 KCLB Coachella, Soft AC “103.9 The Perfect Blend” KKUU-HD2/K280CV Cathedral City, and Classic Rock “Eagle 106.9” KDGL Yucca Valley
Wasilla, AK: Classic Country “Country Legends 100.9” KAYO Wasilla
Wenatchee, WA: Sports “ESPN Radio 900/1020” 900 KKRT Wenatchee/1020 KWIQ Moses Lake North, Country “Q Country 100.5” KWIQ-FM Moses Lake North, Regional Mexican “La Nueva 103.3/92.1” KWLN Wilson Creek/K221BI East Wenatchee, and Country 104.7 KKRV Wenatchee and the CPs for 94.3 K232ED Sunnyslope and 105.1 K286CA East Wenatchee