Midwest Communications buys South Central Radio properties
An application is being filed with the FCC by Midwest Communications of Wausau, WI and South Central Communications of Evansville, IN, seeking to transfer ownership of nine FMs owned by South Central to Midwest. Kalil & Company, the exclusive broker for the deal, says the properties include Evansville stations WIKY, WSTO, WABX and WLFW, Nashville stations WJXA and WCJK and Knoxville stations, WJXB, WVRX and WIMZ.
No price was released. The contract should be filed in the next day or two, says Kalil.
RBR-TVBR sources say the deal could be worth about $63 million (7x). “Duke has shown in the past that he will pay up for some deals (at or slightly above 7x).”
Here’s a run-down of the stations’ formats:
WSTO-FM Top 40
WABX-FM Classic Rock (remember WABX-FM Detroit?)
WCJK-FM Adult Hits
WVRX-FM Active Rock
WIMZ-FM Classic Rock
Said South Central CEO, JP Engelbrecht: “We have found a great steward for our radio stations and people in Midwest Communications. Their CEO, Duke Wright, and his family are good broadcasters who will build upon the legacy created by our outstanding team.”
Midwest CEO Duke Wright added, “We feel extremely fortunate to be acquiring one of America’s best run radio groups. As both South Central and Midwest are entirely family owned with both families being in the radio business for well over 50 years we feel there is a lot of commonality between the companies. I’m certain we will have much to share with each other.”
With this acquisition, Midwest would add the South Central stations to their current roster of 63 radio stations in Wisconsin, Michigan, North Dakota, South Dakota, Minnesota, Indiana and Illinois. Midwest Communications was formed in 1958 by the Wright family. The company’s corporate offices remain in Wausau.