The acquisition of three FM stations from CBS Radio marks a homecoming for Jeff Wilks. His Wilks Broadcasting is picking up KWLI-FM, KIMN-FM and KXKL-FM for $19.5M. It’s the second phase of CBS’s spin cycle in which it is attempting to divest all but its very largest radio markets. For Wilks, backed by the Wicks Group, it becomes market #6, joining a portfolio which already includes 18 FMs in Kansas City MO, Columbus OH, Fresno CA, Reno NV and Lubbock TX.
CBS recently added a pair of FMs in Houston TX, while trading stations in Sacramento CA, Seattle WA, Portland OR and Baltimore MD.
“This deal marks another step forward in our strategy of exiting mid-size radio markets,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. “We believe that focusing on the nation’s largest markets represents the best value for our shareholders, and we will continue working to secure deals at attractive exit values such as this one for our remaining mid-size markets.”
Jeff Wilks, CEO of Wilks Broadcasting said, “We continue to believe in the power and the future of radio, and look forward to adding Denver to our portfolio of radio broadcast stations. Denver is the market where I started my career and I’m excited to come back and operate these three leading stations.”
RBR/TVBR observation: Denver has long had a rep as an over-radioed market, and none of these stations are currently challenging for market dominance. But talk about a deflated station trading market — doesn’t $19.5M sound like a bargain price for just one of them?