A large acquisition was announced on Thursday as Townsquare Media has reportedly agreed to purchase 35 radio stations owned by Cherry Creek Broadcasting in nine markets.
According to the Radio and Television Business Report the deal is worth $18.75 million. Once the deal is finalized, Townsquare will have 356 local radio stations in 74 local markets.
Included in the deal, at least five news/talk brands in four states. Wenatchee, WA (KPQ & KKWN); Williston, ND (KEYZ); Butte, MT (KXTL); and Tri-Cities, WA (KONA).
“The dedication and effort our local teams have shown in serving their communities, listeners and advertisers has been instrumental to our success and foundational to our mission,” Jonathan Brewster, CEO of Cherry Creek said in a statement.
FCC ownership limitations will force Townsquare to divest six radio stations in Missoula and place two radio stations in Tri-Cities, WA in a divestiture trust.
“This transaction solidifies Townsquare’s position as the only local media and digital marketing solutions company of scale focused principally on markets outside the Top 50 in the United States,” Townsquare Chief Executive Officer Bill Wilson said.
