Summit City Radio Group, LLC has closed on the sale (6/3) of its radio cluster in Fort Wayne, IN to Adams Radio Group, LLC. Stations include WNHT-FM, WXKE-FM and WGL-FM & AM. Media Venture Partners represented Summit City in the deal.
The price was $6.4 Million. Renee Shaening, Vice President, Media Venture Partners, tells RBR-TVBR: “The transaction was a fantastic result for Summit City Radio. Adams Radio also benefits tremendously from the combination of the Summit City and the Oasis clusters. The Fort Wayne radio market was ripe for consolidation and this acquisition nicely positions Adams to gain market share in what is now a three-competitor market generating nearly $20 million of revenues.”
Wasting no time, Adams flipped WGL-AM from a simulcast of Oldies WGL-FM to Sports and swapped WGL-FM 102.9 to Calvary Radio Network for its W277AK (103.3).
It moved Classic Rock WXKE-FM (formerly 103.9) to the signal of CHR WNHT-FM (96.3). WNHT’s entire airstaff were released 5/30. WXKE’s Classic Rock format will include 10 days of messages on 103.9 to tell listeners of the move.
In March, Adams entered an agreement to purchase Summit City’s cluster. Days later, the company announced they would purchase Oasis Radio Group’s stations. To meet ownership limits, Adams will keep Oasis’ Top 40 WJFX and Country WBTU, while selling off Religious WHPP to Ft. Wayne Catholic Radio.
