Cumulus-Townsquare-Peak Deal Closes
November 15, 2013 at 3:57 AM (PT)
The deals by which CUMULUS MEDIA spun off stations in 12 markets to TOWNSQUARE MEDIA and PEAK sold its BOISE and FRESNO clusters to TOWNSQUARE, then CUMULUS acquired the FRESNO cluster for 15 stations in DUBUQUE and POUGHKEEPSIE, has closed.
The deal sent 53 stations in the BATTLE CREEK, MI; CEDAR RAPIDS, IA; DANBURY, CT; FARIBAULT-OWATONNA, MN; KALAMAZOO, MI; LANSING, MI; PORTLAND, ME; PORTSMOUTH-DOVER-ROCHESTER, NH; QUAD CITIES, IA-IL; ROCHESTER, MN; ROCKFORD, IL; and WATERLOO, IA markets to TOWNSQUARE, as well as the DUBUQUE, POUGHKEEPSIE, and BOISE stations, according to paperwork filed with the FCC. TOWNSQUARE paid an aggregate $281 million for the acquisitions, $238 million of which went to CUMULUS. Three IOWA stations were spun into the CEDAR RAPIDS DIVESTITURE TRUST for sale, under a two-year time limit for resale imposed by the Commission.
In other filings with the FCC, POSITIVE ALTERNATIVE RADIO, INC. has closed on the swap of FM translator W254AZ/BELMONT, NC to CLEAR CHANNEL's CAPSTAR TX LLC for an eight year lease on the HD-3 channels of WBTJ/RICHMOND or WEND/SALISBURY-CHARLOTTE, NC plus a lease amendment. The translator holds a construction permit to move into CHARLOTTE.
FIRST VENTURES CAPITAL PARTNERS, INC. has closed on the sale of FM translator K279AN/MARSHALLTOWN, IA to MTN BROADCASTING INC. for $21,000. The station will rebroadcast Oldies KDAO-A/MARSHALLTOWN.
EDUCATIONAL MEDIA FOUNDATION has closed on the sale of FM translators W231BM/CLAIRTON. PA and W248AR/MONROEVILLE, PA to BROADCAST COMMUNICATIONS, INC. for $310,000.
And OHANA BROADCAST CO. LLC has applied for an extension of its Silent STA for FM translator K288GJ/ELEELE, HI due to lightning damage.