Qantum Communications announced a deal to sell its four radio stations serving the Ft. Walton Beach – Destin, Florida market. The buyer is Dean Pearce’s Apex Broadcasting.
The stations include WHWY-FM, licensed to Holt, FL; WWAV-FM, licensed to Santa Rosa Beach, FL; WFFY-FM, licensed to Destin, FL; and WMXZ-FM, licensed to Valparaiso, FL. Financial terms were not immediately disclosed.
“It is with regret that we exit this growing market, after finally completing the cluster. The deal, however, permits us to continue to improve our balance sheet. I have known Dean for many years and believe him to be an excellent broadcaster who I believe will lead the newly consolidated properties to very significant positions in the market,” said Qantum CEO Frank Osborn.
“Apex Broadcasting is very pleased to acquire these excellent radio stations in one of the South’s most vibrant and growing areas. Frank Osborn and the Qantum team are very talented broadcasters. Qantum has done the work to assemble and develop this group. We look forward to continuing the growth and good work done by Qantum over the past years in the Ft. Walton radio market,” said Pearce. Apex is based in Charleston, SC.