Twins Owner Carl Pohlad Money Behind Northern Lights
June 14, 2007 at 5:45 AM (PT)
Yesterday's shocker (NET NEWS 6/13) that RADIO ONE had sold KTTB (B96)/MINNEAPOLIS to NORTHERN LIGHTS BROADCASTING LLC -- a new company headed by longtime TWIN CITIES radio broadcaster STEVE WOODBURY, who has been the station's VP/GM but is now elevated to Pres./CEO -- has more details today. Some of the financing behind the deal came from MINNESOTA TWINS owner CARL POHLAD, who is contemplating buying more broadcast outlets.
POHLAD bought KTTB "just to get into the industry," said WOODBURY. "My charge is to find other radio stations and possibly TV and build a little media group." WOODBURY said he began searching for local investors in late 2005 after RADIO ONE executives told him they wanted to sell the station. He said the old owners felt that the TWIN CITIES area did not have a large enough black population to support the format.
WOODBURY said he pitched the station to POHLAD, who spent the better part of the last year analyzing the business. WOODBURY wouldn't disclose specifics but said the station is "very profitable." KTTB will retain its format and staff, including its on-air personalities, he said. "I've grown up in the radio business and I believe local broadcast ownership is important," WOODBURY said.
Besides the TWINS, POHLAD and his three sons also have holdings in financial services, soft drinks and jewelry. WOODBURY said the station purchase is part of the continuing diversification of their holdings.