Regent Trust Closes With Townsquare Media
July 6, 2010 at 3:27 AM (PT)
THE REGENT TRUST, overseen by Trustee and BROADCAST MANAGEMENT AND TECHNOLOGY Pres./CEO JAY MEYERS has transferred all but two of its broadcast licenses to TOWNSQUARE MEDIA following FCC approval of the transaction. The transfer was effective at 12:01a on JULY 1st.
THE REGENT TRUST had been in a Time Brokerage Agreement for all its radio stations with TOWNSQUARE MEDIA since their takeover of the former REGENT COMMUNICATIONS. The Trust had commenced following REGENT COMMUNICATIONS exit from Chapter 11 Bankruptcy on APRIL 27th.
Effective at the same time, THE REGENT TRUST transferred its remaining two licenses to THE FORT COLLINS/LAFAYETTE DIVESTITURE TRUST, also overseen by Trustee JAY MEYERS. The FCLDT will operate Classic Rock KARS/FORT COLLINS and Alternative KFTE/LAFAYETTE, LA.
MEYERS commented, "As the Trust name would indicate, both of these properties are for sale. I invite all interested parties to get in touch with me as soon as possible to express their interest. My contact info is available at www.bmtllc.com." MEYERS indicated that anyone who has previously been in touch with the original REGENT TRUST about these specific stations does not have to reach out again.
THE FORT COLLINS/LAFAYETTE TRUST was necessitated by the 2003 FCC rule changes. REGENT COMMUNICATIONS had been grandfathered under the 1996 rules which allowed them to maintain ownership that is above the current allowable limits for the market.