Qantum Communications To Spin-Off Ft. Walton Beach Stations
December 16, 2011 at 9:06 AM (PT)
QANTUM COMMUNICATIONS CORPORATION has agreed to sell substantially all the assets of its four radio stations serving the FT. WALTON BEACH-DESTIN, FL market to DEAN PEARCE's APEX BROADCASTING, subject to regulatory approvals. The stations include WHWY, WWAV, WFFY and WMXZ.
QANTUM CEO FRANK OSBORN said, "It is with regret that we exit this growing market, after finally completing the cluster. The deal, however, permits us to continue to improve our balance sheet. I have known DEAN for many years and believe him to be an excellent broadcaster who I believe will lead the newly consolidated properties to very significant positions in the market."
PEARCE said, "APEX BROADCASTING is very pleased to acquire these excellent radio stations in one of the South's most vibrant and growing areas. FRANK OSBORN and the QANTUM team are very talented broadcasters. QANTUM has done the work to assemble and develop this group. We look forward to continuing the growth and good work done by QANTUM over the past years in the FT. WALTON radio market".
PETER HANDY of STAR MEDIA GROUP acted as broker on the transaction.