Portland, OR-based L&L Broadcasting and Alpha Broadcasting announced a plan to merge the two businesses into a single, privately held entity called “Alpha Media.” Concurrently, Alpha said it will buy Philadelphia-based Main Line Broadcasting’s 19-stations for $57 million. Main Line operates 19 stations in four markets including Louisville, KY; Richmond, VA; Dayton, OH and Hagerstown, MD/Chambersburg, PA. Media Venture Partners represented Main Line in the deal.
Alpha operates KINK, KUPL, KBFF, KUFO, KXTG and KXL-FM.
L&L operates 43 stations in seven markets.
After the deal is done, Alpha Media will operate 68 stations in 12 markets in Portland, San Antonio, Louisville, Dayton, Savannah, Richmond, Biloxi and other markets in the South and Mid-Atlantic. The current corporate team for Alpha and L & L will remain and operate the company from the HQ in Portland. L&L has been overseeing the ops of the Portland stations for the last year via an LMA with Alpha.
Said Larry Wilson, L&L/Alpha Chairman and an investor in each company: “the merger will be the culmination of a long term plan to ultimately combine the two companies and will allow us to streamline our oversight of all 49 stations to take advantage of the many synergies.”
“We are proud to have partnered with Alpha Broadcasting over the past five years in the Portland market. This merger is the result of the Alpha team executing on its original disciplined growth plan, and we are excited to be a part of the new Alpha Media going forward,” said Mark Dorman, Managing Director of Endeavour Capital, an investor.
Added L & L CEO Bob Proffitt:, “We’ve worked hard to maintain strong community involvement and an intimate connection with our listeners and advertisers in all of our markets, I’m confident that we’ll be able to implement our mission of live and local radio in the Main Line markets.”
“I am extremely proud of all of Main Line Broadcasting’s employees who have done a phenomenal job over the years. I am pleased to have these great broadcasters now under the leadership and vision of Larry Wilson and Bob Proffitt. There’s not a better company than L&L Broadcasting to ensure this continued success,” noted Main Line Broadcasting CEO, Marc Guralnick.