Bahakel Communications has decided to pull up its radio stakes in the Waterloo-Cedar Falls IA market, and springing forward to claim the spot is Woodward Communications Inc. Woodward, a multimedia communications corporation, will be entering its third radio market.
The stations include KXEL-AM, KWLO-AM, KOKZ-FM and KFMW-FM. All are licensed to Waterloo.
According to broker Jody McCoy of Media Services Group, who represented Bahakel, Woodward has radio stations in Green Bay WI and Appleton-Oshkosh WI, along with newspaper, weekly publication, commercial printing, niche magazine, and full-service advertising agency assets.
The price will be $3.5M cash, according to documents filed with the FCC.
Woodward President and CEO Tom Yunt said, “We are very excited about this opportunity to add these outstanding stations to our group and we look forward to the opportunity of serving the greater Waterloo/Cedar Falls communities. The stations are well positioned with their heritage and formats and have a wonderful track record in serving their listeners and advertisers.”
Bahakel’s Beverly Poston said that her company was reluctant to sell, explaining “that we have recently purchased an additional television station in Montgomery, AL, as well as an additional radio station for our Chattanooga cluster so this is being done as some realignment of our properties. We leave Waterloo very reluctantly but comforted in knowing that our stations and employees will be in such wonderful hands.” She said the decision to sell was much easier given Bahakel’s great respect for the buyer.