Regent Buys CBS Buffalo Cluster
September 5, 2006 at 6:46 AM (PT)
CBS RADIO is selling its BUFFALO cluster- Urban WBLK, Adult Hits WBUF (92.9 JACK FM), AC WJYE, Country WYRK, and Classic Country WECK-A- to REGENT COMMUNICATIONS for $125 million cash. REGENT will take over in an LMA in OCTOBER, giving it 19 stations in upstate NEW YORK (other clusters include ALBANY, UTICA-ROME, and WATERTOWN).
REGENT Pres./CEO BILLSTAKELIN said "this is an excellent transaction from both a strategic and financial standpoint. We are acquiring one of the best performing and most profitable station clusters in Upstate NEW YORK, which will solidify our footprint across the region and provide us with a substantial opportunity to develop regional sales synergies. This will increase the value and growth potential of our station group overall. This acquisition is a key step in the execution of our strategic plan to rationalize our portfolio of radio station assets in order to maximize our growth profile. This transaction combined with the several other transactions announced over the past few months will lead to enhanced shareholder returns over the long-term."