Done deal in Kansas City
The Kansas City stations are CHR KMXV-FM, Country KFKF-FM, AC KCKC-FM and Country KBEQ-FM.
The price: $105.5M.
The buyer is Steel City Media, owner of a pair of FMs in Pittsburgh. The Kansas City buy puts the company into its second market. It’s headed by Saul Frischling and sons Gregg, Michael, and Todd. Their Pittsburgh holdings include Hot AC WLTJ-FM and Variety Hits WRRK-FM, as well as the Pittsburgh City Paper.
The seller is Wilks Broadcasting, headed by Jeff Wilks.
At the time the deal was announced, Bergner noted, “The deal represents quality assets going to a true broadcasting family. These stations may never be sold again–with the availability of debt and with zero leverage on their existing stations in Pittsburgh, the family knew now would be the time to expand. Big markets are still very hard to find.”
“We are delighted to have completed the sale of our Kansas City radio stations to an experienced and quality buyer such as Steel City Media. We think Steel City is a great owner for these assets and will contribute to the ongoing success of the Kansas City radio stations,” said Jeff Wilks, Chief Executive Officer, Wilks Broadcasting. “We continue to believe in the power and future of radio and look for compelling opportunities to create value in our business, whether we are considering buying or selling radio assets.”
Michael Frischling, Vice President of Steel City Media said, “We look forward to building on the broadcasting excellence already established in Kansas City by Wilks and working together with the staff to continue their success.”