More than a decade ago, the company formerly known as Clear Channel Communications and is today iHeartRadio was bought out by private equity firms Thomas H. Lee Partners and Bain Capital Partners for a whopping $17.9 billion.
With that deal’s consummation, Clear Channel needed to divest radio stations to comply with FCC ownership limits that they were no longer grandfathered into, given the shift in majority ownership of the company founded by L. Lowry Mays.
Thus begat the Aloha Station Trust, a collection of some 52 stations Clear Channel could not legally own. Today, 42 stations remain in the trust — but one has just been sold.
Now being sent off from the Aloha Trust is 6kw Class A WBFA-FM 98.3 in Fort Mitchell, Ala., which serves the Columbus, Ga., market.
It is being acquired by RCG Media, a locally owned entity 100% controlled by J. Christopher Martin.
RCG is a newly formed entry, and the purchase of WBFA will mark its first radio station.
The purchase price is $1.1 million, with a 15% escrow deposit made to the Trust by RCG.
Serving as the broker in this transaction, representing the Aloha Trust, is MVP Capital LLC.
The legal counsel for iHeart is Doc Bodensteiner of Wilkinson Barker Knauer LLP.
The Aloha Trust has been overseen by Jeanette Tully.
She is the sole member of the Aloha Station Trust, which is comprised of iHeart stations signaled for divestment from previous transactions dating to when the company was known as Clear Channel Communications.
The address listed for Tully is for a mailbox at The UPS Store in the south Nashville area near Bellevue Commons, south of Belle Meade.
Tully served as EVP/CFO of Entravision Communications from 1996-2002 and from 1978-1986 was VP/Broadcasting & Entertainment for Harte Hanks Communications.
