In late March, Keith Stover — also known to a generation of Pittsburgh radio listeners as Keith Clark — moved forward in filing paperwork with the FCC that would make him a majority owner of a pair of FM radio stations serving the Columbia, S.C., market.
Late last week, that transaction formally closed.
As such, Clark is now the holder of a majority ownership interest in the five-year-old Midlands Media Group.
This sees Stover, through The 29 Group, purchase Triple M Broadcasting’s 54.05% stake in Midlands, licensee of Class A WWNQ-FM 94.3, a Columbia station licensed to Forest Acres, S.C. branded as “Undivided Country — The Dude;” and Class A WZMJ-FM 93.1 “The Lake” in nearby Batesburg, S.C.
Stover paid $1.8 million, plus the balance of a MMG loan to Lake Murray Communications.
With the deal, Stover’s attributable interest in Midlands rises to 74% from 20%. “FinLinSid, LLC,” an entity tied to Columbia, S.C., law firm McDonnell & Associates, retains its 14% equity interest. The remaining 12% interest in Midlands is held by a second “silent partner,” Amegha, business partner Kirk Litton told RBR+TVBR.
Midlands was formed in 2016 with the purchase of The Dude. In 2018, The Lake was added for $450,000.
Midlands has also put its resources toward online newspaper ColaDaily.com; e-commerce site ColaDailyDeals.com; and an online radio station: SodaCityFizz.com.
Columbia was once home to a Coca-Cola bottling plant; the “Soda City” name is a nickname that links in small part to this heritage.
As Keith Clark, Stover gained notoriety as an influential radio programmer and consultant best-known for his years at WBZZ-FM “B94” in Pittsburgh.
