We knew about Jim Coursolle’s return to hands on radio station management via his acquisition of a controlling stake in Heartland Communications Group. Now we know what he’s planning to invest.
The deal involves four unrated markets in northern portions of Wisconsin and Michigan. Included in the set are WCQM-FM and WNBI-AM, Park Falls WI; WATW-AM, WBSZ-FM, WJJH-FM and WNXR-FM. Ashland WI; WRJO-FM and WERL-AM, Eagle River WI; and WIKB-FM and WIKB-AM, Iron River MI.
Heartland is a subsidiary of Art Monaghan’s Granite Equity, which also owns WCCY-AM, WHKB-FM and WOLV-FM in Houghton MI – these stations will go into a management contract with the surviving Heartland entity.
Coursolle is getting 66.66% of the group, with Monaghan hanging on to the remaining 33.34%. To buy into the group, Coursolle has plunked down $100K into escrow, will pay an additional $600K in cash at closing, and will arrange a new $3.85M senior credit facility. All of that adds up to $4.45M.