Pittsburgh-based Steel City Media is purchasing four Wilks Broadcasting stations in Kansas City–CHR KMXV-FM, Country KFKF-FM, AC KCKC-FM and Country KBEQ-FM. Steel City currently owns Hot AC WLTJ-FM and Variety Hits WRRK-FM in Pittsburgh market along with the Pittsburgh CityPaper.
Michael J. Bergner of Bergner & Co. was the exclusive broker in this transaction. The purchase price was $105.5 million.
Bergner tells RBR-TVBR: “The deal represents quality assets going to a true broadcasting family. These stations may never be sold again–with the availability of debt and with zero leverage on their existing stations in Pittsburgh, the family knew now would be the time to expand. Big markets are still very hard to find.”
Steel City Media is owned by the Frischling family. Saul Frischling owns 52% of the equity in the stations with sons Gregg, Michael, and Todd each holding 16%.
Wilks still O&Os stations in Columbus, Denver, Fresno, Lubbock and Reno.
“We are excited about this great opportunity to add Kansas City’s premier radio cluster to our portfolio,” Steel City VP Michael Frischling said in a statement.