GAPWest Sells 4 Stations To 2 Buyers
December 4, 2007 at 3:56 PM (PT)
GAPWEST Broadcasting is selling four of its radio stations in BURLINGTON, IA to local operators. The stations will operate under an LMA with the local operators until FCC approval.
BURLINGTON-based PRITCHARD BROADCASTING will acquire KBKB-A/FT. MADISON, IA, and KBUR-AM/BURLINGTON, IA, for $900,000. GALESBURG, IL-based TITAN BROADCASTING will acquire KBKB/FT. MADISON, IA, and KGRS/BURLINGTON, IA, for $2.1 million.
The deals come on the heels of GAPWEST's acquisition of 57 CLEAR CHANNEL radio stations in 13 markets in WASHINGTON, MONTANA, IDAHO, WYOMING, MINNESOTA and IOWA.
"As we looked to purchase the current GAPWEST Broadcasting portfolio of radio stations from CLEAR CHANNEL, our business plan contemplates geography playing a large part of our strategy," GAPWEST Pres. SAMUEL "SKIP" WELLER said. "We believe it's important to our radio stations, its people, and their communities that we're first-class custodians of our licenses. After much consideration, the decision was made to sell our BURLINGTON, IA, stations to local ownership groups since BURLINGTON was outside our strategy."