Community Broadcasters will grow from two to four markets and will come very close to doubling its collection of radio stations as well when it closes on a two-market, seven-station deal with Backyard Broadcasting. Brokerage Kalil & Co. had a hand in putting the deal together.
The buyer is headed by Jim Leven and Bruce Mittman; Barry Drake is the principal of the seller. Terms of the agreement were not disclosed.
“We are looking forward to working with the teams in Elmira-Corning and Olean to integrate the seven additional stations into the Community Broadcasters’ family of stations,” said Leven. “These new markets add to our cluster in upstate NY, further strengthening our position as a premiere broadcast entity in the region.”
“Knowing Community Broadcasters’ dedication to creating strong local radio I am pleased to see these leading stations add to their footprint in New York,” added Drake.
The stations being acquired include:
* WNKI-FM-106.1-#1 Hit Music Station
* WNGZ-FM-104.9-Classic Rock
* WRCE-AM-1490-Simulcast WNGZ-880-Classic Rock
Already in the Community Broadcasters portfolio:
* WBDR-FM-106.7-The Border-#1 Hit Music Station
* WANT-FM-104.1 |AM-1240-News Talk
* WTOJ-FM-103.1-The Best Variety of Yesterday and Today
* WEFX-FM-100.7-The Eagle-New Country
* WLFK-FM-95.3-The Wolf-Country Hits Back to Back
* WQTK-FM-92.7-The North Country’s News and Talk Authority
Northwood Ventures LLC is providing financing. It says it has put money into some 160 companies in communications, retail/consumer, manufacturing, and financial businesses.