Last week, Audacy announced it was selling its St. Louis cluster — including KMOX and 97.1 FM Talk — to Hoffmann Media Group. The company owned by billionaire David Hoffmann has a method to its madness.
What We Know: David Hoffmann leads Hoffmann Media Group. He is also chairman of the board of Lee Enterprises. 42 newspapers are owned between those two entities. Included in the list are The Buffalo News, the St. Louis Post-Dispatch, and the Omaha World-Herald. Now, radio is joining the list of media entities owned, as it looks to complete the acquisition in St. Louis. In an interview with the St. Louis Post-Dispatch, Hoffmann shared insight into why the company has bought up so many local newspapers.
What They Said: “You know, we’re running right toward some things that everybody else is running away from.” -David Hoffmann
What Remains Unclear: What the sale price for the Audacy St. Louis cluster was. It is also unclear if Hoffmann is interested in purchasing more radio stations or if the St. Louis cluster was a one-off acquisition.
What It Means: The thought process from Hoffmann is simple: we’re zigging when everyone else is zagging. Many have left newspapers behind. Radio has been next on the chopping block. However, in the profile with the Post-Dispatch, he shared that he believes local is an advantage in the news world. That gives insight into why a purchase of two strong news/talk radio brands in KMOX and 97.1 FM Talk were at the forefront of his list of outlets to buy.
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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.