Radio One Sells B96/Twin Cities To Northern Lights
June 13, 2007 at 8:48 AM (PT)
RADIO ONE is selling Top 40/Rhythmic KTTB (B96)/MINNEAPOLIS-ST. PAUL for about $28 million to NORTHERN LIGHTS BROADCASTING LLC, a new local radio broadcast company headed by longtime TWIN CITIES radio broadcaster STEVE WOODBURY. He has been the station's VP/GM but is now elevated to Pres./CEO.
RADIO ONE CEO/Pres. ALFRED C. LIGGINS III said, "This is another transaction that will help us realign our strategic priorities, maximize returns and allocate capital in the most efficient manner. While this radio station has been a great performer for us, it is our only station in a market with a very small African-American population. We have enjoyed serving the MINNEAPOLIS market for the past six years, but it is time to move on. I want to personally thank STEVE WOODBURY, who has been the GM of KTTB since before we acquired it. STEVE has been a great leader of this radio station and was also instrumental in making this transaction happen. I wish him the best of luck in further success with his new partners."
WOODBURY said, "In this era of consolidation, I'm delighted that we've returned this radio station to local control. Almost all of our station management people, including myself, and our investors grew up here. We're local people, and we're committed to serving the TWIN CITIES community exceptionally well. I've grown up in the radio business, and I believe local broadcast ownership is important."