Regent Sells WYNG/Evansville To Withers
August 25, 2006 at 7:26 AM (PT)
REGENT COMMUNICATIONS is selling Sports WYNG (ESPN 94.9)/MT. CARMEL, IL-EVANSVILLE, IN to W. RUSSELL WITHERS, JR. for $1.5 million. REGENT, which bought the station from CLEAR CHANNEL in JANUARY 2004, owns five other stations in the market. WITHERS owns Country WRUL/CARMI, IL, which rimshots EVANSVILLE. JOHN PIERCE AND CO., LLC served as exclusive broker for the deal.
REGENT Pres./CEO BILL STAKELIN said that "the sale of WYNG-FM is in line with our strategy to maximize the value of our assets. We intend to use the proceeds from today's divestiture and previously announced transactions to continue to reinforce our position as a leading consolidator of middle and small-sized markets. Looking ahead, we remain active in the M&A market and will continue to seek selective opportunities that will strengthen our ability to generate value for our shareholders."