The breakup of New Northwest Broadcasters, handled by Revitalization Partners and brokerage company Kalil & Co., brought Robert J. and Tor H. Ingstad into places like Anchorage and Fairbanks AK and Klamath Falls OR. Now James D. Ingstad is replacing Townsquare Media to acquire stations in Yakima and Tri-Cities WA.
The stations include:
In Yakima: KJOX-AM/KRSE-FM/KXDD-FM/KHHK-FM, all Yakima; KARY-FM Grandview, and KBBO-AM Selah.
In Tri-Cities: KALE-AM/KEGX-FM/KIOK-FM Richland, KTCR-AM Kennewick, KKSR-FM Walla Walla & KUJ-FM Burbank.
The Townsquare deal was one of the rare transactions to be shot down by FCC review. Townsquare, which proposed to pay $6M for the stations, was already strongly represented in both markets and was planning to take its pick of a large litter in terms of formats and sticks and spin off those stations it didn’t want. The transaction drew objections and the FCC agreed with the objectors.
The contract between Revitalization and new buyer Ingstad Radio Washington LLC poses no such problem. Principal James D. Ingstad’s only radio holdings are a 2AM-4FM cluster in the Fargo ND-Moorhead MN market.
According to the contract, the value of the two clusters has risen dramatically – the buyer will now pay $13.5M for the 12 stations.