On Monday, Audacy announced it was selling its St. Louis cluster. Audacy CEO Kelli Turner says there could be more moves like that on the horizon, if the deal is right.
What We Know: Hoffmann Media Group purchased the St. Louis cluster from Audacy. Included in the sale are 96.3 R&B, 97.1 FM Talk, Y98 (Hot AC), Hot 98.7 (Hip Hop), 102.5 KEZK (AC), and 104.1 KMOX (news/talk). In a memo to staffers, Audacy CEO Kelli Turner said the company wasn’t looking to offload the cluster. While speaking at the Barrett Media Audio Summit on Tuesday afternoon, Turner shared insight into the company’s thought process when it comes to potential deals in the future.
What They Said: “Everything has a price in life. Even our stations. People talk about radio as an X times multiple business. It’s gonna be four times that. If that came out of the woodwork? Who knows? I’m not expecting that. But I think it’s hard for anyone that’s a business person not to be open for business for the right situation. St. Louis happened to fit the bill. That’s kind of how we thought about it.” -Audacy CEO Kelli Turner
What Remains Unclear: Financial terms for the deal between Audacy and Hoffmann Media Group have yet to be disclosed. It is also unclear if any other potential sales are in the works for Audacy.
What It Means: Turner’s insight is the natural thought process for a company of its size. It would be illogical to rule out any potential sale if another entity wanted to pay a bunch of dollars for a specific brand or cluster. It sounds like a wise strategy to never say no to a potential deal if the situation is right.
Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.
Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.
