Regent Communications announced that it has entered into an agreement to divest its four-station cluster serving the Watertown, NY market. The buyer, for 6.25 million, is KXOJ Inc. The cluster includes WFRY-FM, WCIZ-FM, WTNY-AM and WNER-AM. Closing is expected in Q1 of 2008.
“This transaction reflects our focus on maximizing the value of our portfolio to the benefit of our shareholders. The proceeds from the sale of our smallest market cluster will strengthen our financial flexibility as we continue to build on our leadership position in the nation’s mid-sized radio markets. We would like to thank all of our employees in Watertown for their dedication and service,” said Regent CEO Bill Stakelin.
Richard A. Foreman Associates was the broker in the transaction for Regent Communications, while John Pierce & Co. represented the buyer.