Here’s a deal that involves a lot of “Big Sky.”
That’s because Cherry Creek Media has agreed to swap substantially all the assets of its radio stations serving the Helena, Montana, market to The Montana Radio Company in exchange for substantially all the assets of three FM translators serving the Great Falls, Montana market; an FM radio station serving the Butte, Montana market; and cash.
The transactions will require four FM stations to be divested and are subject to FCC approval and other customary closing conditions.
Cherry Creek Media’s Helena radio stations include KCAP-AM, KBLL-FM, KBMI-FM, KHGC-FM and KZMT-FM.
In Butte, Cherry Creek adds KMTZ-FM. FM translators K298BL, K280GG, and K260AU in Great Falls are also coming from The Montana Radio Company.
“We’re proud of all that our team in Helena achieved. While it was a difficult decision to part with the stations, we’re looking forward to strengthening our existing clusters in Great Falls and Butte to better serve their communities,” Cherry Creek CEO Jonathan Brewster said.
Kevin Terry, CEO of The Montana Radio Company, agreed, “The swap is bittersweet for both companies as we entrust each other with people and stations that mean a great deal to us. The opportunity, however, for commercial radio in Helena to be owned by two independent local operators is a rarity these days that could not be overlooked.”
Jody McCoy of McCoy Media Enterprises, Ltd. acted as the broker on the transaction.
Cherry Creek Media is a radio, digital and events company providing entertainment, information and marketing solutions to communities in the Rocky Mountains, Northwest and Southwest. It owns and operates 53 radio stations serving 11 markets.
The Montana Radio Company, LLC and its affiliates operate 8 radio stations in Montana and Idaho.