Dean Sorenson continues to divest his radio properties with the sale of an AM-FM combo in the Rochester MN area. The buyer of Sorenson Broadcasting Corporation’s KCUE-AM and KWNG-FM Red Wing MN is Q Media Group LLC, headed by Alan R. Quarnstrom.
The buyer is very familiar with the properties – he’s had an LMA/purchase option on them dating back to 10/1/07. And the seller is very familiar with the buyer – Sorenson has a 49% stake in Q Media Group. However, in addition to cashing out the Red Wing stations, Sorenson is cashing out his stake in QMH as well.
The price of the deal is $1.55M. Quarnstrom will toss $50K into escrow, pay an additional $550K at closing and strike a promissory note for the remaining $950K.
QMG has one other station in the Rochester MN market, KLCH-FM Lake City MN.
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