We know that Townsquare Media is selling one of its western radio clusters to former Bonneville executive Rich Mecham, who is now heading a new group-to-be called Rich Broadcasting. Now we know how much Rich is paying to get started.
The cluster is in the Idaho Falls-Pocatello ID Arbitron market. It is a full-bore cluster at the ceiling of the local cap with two AMs and four FMs. Included in the package is KID AM-FM in Idaho Falls, KWIK-AM, KPKY-FM and KEGE-FM in Pocatello and KLLP-FM, licensed to Chubbock ID.
The price will be $1.85M. $100K is in escrow, and the rest will be payable in cash at closing. Rich has agreed to accept the stations in “as is, where is” condition.
Townsquare is headed by Steve Price. It recently agreed to deals with the receiver for New Northwest Broadcasting in Yakima WA and Tri-Cities WA that are subject to petitions to deny.