Wilks Acquires The CBS/Denver Cluster
December 22, 2008 at 5:57 AM (PT)
CBS CORPORATION announced TODAY (12/22) that it has signed a definitive agreement to sell three of its owned radio stations in DENVER, Country KWLI, AC KIMN and Classic Hits KXKL, to WILKS BROADCASTING for $19.5 million in cash.
"This deal marks another step forward in our strategy of exiting mid-size radio markets," said CBS Pres./CEO LES MOONVES. "We believe that focusing on the nation’s largest markets represents the best value for our shareholders, and we will continue working to secure deals at attractive exit values such as this one for our remaining mid-size markets."
WILKS CEO JEFF WILKS said, "We continue to believe in the power and the future of radio, and look forward to adding DENVER to our portfolio of radio broadcast stations. DENVER is the market where I started my career and I’m excited to come back and operate these three leading stations."
DENVER-BOULDER, CO is currently the #21 ARBITRON market with an estimated 12+ population of 2.3 million people, making it WILKS BROADCASTING’s largest market.