Qantum Swaps All Stations To Clear Channel For WALK, Then Sells WALK To Connoisseur
May 15, 2014 at 9:39 AM (PT)
In a deal yet to be filed with the FCC, QANTUM COMMUNICATIONS CORP. will swap all of its 29 stations to CLEAR CHANNEL MEDIA + ENTERTAINMENT in exchange for AC WALK-A-F/PATCHOGUE, LONG ISLAND, which it will acquire from CLEAR CHANNEL's spinoff trust, ALOHA TRUST, and immediately sell to CONNOISSEUR MEDIA for an undisclosed price.
QANTUM Pres. FRANK OSBORN said, “We are very proud of all that our clusters have achieved. Each cluster is the leader in its respective market and reflects the talent, dedication and hard work of local management and staff. We will miss working with them, but felt this unique transaction was in the interests of our stockholders. It is rare when you find an instance where cooperation among three companies results in higher value for all.”
CONNOISSEUR CEO JEFF WARSHAW added, “We are honored to add WALK to our rapidly growing group of terrific properties. We look forward to continuing WALK’s heritage of commitment to LONG ISLAND.”
CLEAR CHANNEL will acquire from QANTUM Hot AC WCOD, Classic Hits WCIB (COOL 102), Talk WXTK, and Sports WEII (SPORTSRADIO 96.3 WEEI)/CAPE COD; Top 40 WWXM (MIX 97.7), Country WGTR (GATOR 107.9), Rock WRXZ (ROCK 107), Adult Hits WYNA (104.9 BOB FM) and AC WLQB (B93.5)/MYRTLE BEACH; Country WEGX (EAGLE 92.9), Hot AC WJMX (103X), Contemporary Christian WDAR (SUNNY 105.5), Urban AC WZTF (THE FLO 102.9), Urban WRZE-WJMX-A-W290CD (SWAGGA 94.1), Talk WWRK-A-W250BJ-W283AB, and Urban Inspirational WDSC-A (THE LIGHT)/FLORENCE, SC; Country WYNR, Top 40 WQGA (103Q), Urban WBGA (B92.7 JAMS), Rock WHFX (SOLID ROCK 107.7 THE FOX), Talk WGIG-A, and Oldies WMOG-A (1490 AM THE BEACH)/BRUNSWICK, GA; and Country WKKR (97.7 THE KICKER), Hot AC WMXA (MIX 96.7), Country WCJM (THE BULL), Urban AC WZMG-A (THE TOUCH), Oldies WTLM-A (TIMELESS 1520), and Urban AC WPLV-A (THE TOUCH AM 1310)/AUBURN, AL-WEST POINT, GA.
All Access Daily Sales Coverage
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TOM HODGINS is selling K224EU/CORVALLIS, OR to the UNIVERSITY OF OREGON for $33,500.
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