Regent Sells Watertown Cluster
October 9, 2007 at 1:31 PM (PT)
REGENT COMMUNICATIONS is selling four WATERTOWN, NY stations to KXOJ, INC. for $6.25 million. The stations include Talk WTNY-A, Sports WNER-A (ESPN 1410 THE WINNER), Country WFRY (FROGGY 97), and Classic Hits WCIZ (Z-93). The deal is projected to close in first quarter 2008.
REGENT Pres./CEO BILL STAKELIN said, "This transaction reflects our focus on maximizing the value of our portfolio to the benefit of our shareholders. The proceeds from the sale of our smallest market cluster will strengthen our financial flexibility as we continue to build on our leadership position in the nation's mid-sized radio markets. We would like to thank all of our employees in WATERTOWN for their dedication and service."
RICHARD A. FOREMAN ASSOCIATES, INC. was the broker for REGENT and JOHN PIERCE & CO. represented the buyer in the deal.