The official announcement is imminent: Carl Palmer’s SummitMedia will buy South Central Communications’ nine stations (two in Nashville, three in Knoxville, four in Evansville, IN). SummitMedia also gets an LMA in Evansville. The word on the street was L&L/Larry Wilson was going to buy the stations, but not so. SummitMedia reportedly won the bidding for $74 million, which was up near 7.5-8X cash flow—unusual these days for a radio deal.
The stations include Classic Rock WIMZ-FM, AC WJXB-FM and Rock WVRX-FM Knoxville; Adult Hits WCJK-FM, AC WJXA-FM Nashville; CHR WSTO-FM, Country WKFW-FM, AC WIKY-FM, Classic Rock WABX-FM Evansville and the LMA for Boonville Broadcasting’s Adult Hits WEJK-FM Evansville.