Rumored to be close to reaching the finish line several times, the principals of Alpha Media and Digity have finally closed their deal.
Announced last summer at $264 million, Alpha gains 116 full-power stations under the agreement.
Alpha had 137 stations, so now the total number of stations owned or operated by Alpha Media comes to 251 stations in 53 markets.
Now, Larry Wilson’s Portland, Ore.-based Alpha has become the 4th largest broadcast radio group in terms of station count and the 3rd largest in terms of market count. Company Chair Wilson says “in our fold is now an exceptional stable of diversified stations and markets; bigger markets like West Palm Beach and San Jose, to smaller markets like Mason City, Iowa and Myrtle Beach, South Carolina.”
Giving kudos to Digity CEO Dean Goodman and his management team, Wilson says:” We look forward to joining forces with the phenomenal people at Digity doing radio the right way.”
Goodman, in turn, was also gracious, saying the broadcasters at Digity “know their roots are in live and local and their future is dynamic.”
“They will excel with Alpha” Goodman predicts, adding that the company Wilson’s team gets is “thriving.”
RBC Capital Markets, LLC was the sole financial advisor for the deal and Cooley LLP was transaction and regulatory counsel to Digity.
George Reed of Media Services Group is the broker for Alpha Media.