Since the Jeff Warshaw-led Connoisseur Media completed its merger with Alpha Media, which included the assumption of a significant amount of debt (hence the $1 spin-off of former Alpha Media properties in the Bakersfield market), the new Connoisseur has aggressively moved to trim the fat while adding key revenue-enhancing markets such as San Francisco.
Now, the second non-rated market divestiture conducted by Connoisseur has been finalized.
Connoisseur Media on Monday afternoon confirmed that it has entered into an agreement to sell its Luverne, Minn., and Madison, S.D., radio stations to two Christensen Broadcasting entities.
Christensen Broadcasting LUV LLC will acquire KQAD-AM & KLQL-FM in Luverne, while and Christensen Broadcast Group Inc. will acquire KJAM-AM & FM in Madison.
Connoisseur did not disclose the price it is selling the properties for. In a statement, the company said the transaction represents Connoisseur Media’s “ongoing commitment to refining its portfolio and strengthening its presence in priority markets. It aligns with the company’s strategic roadmap established after the September acquisition of Alpha Media.”
Warshaw added, “Luverne and Madison are markets that did not fit into the vision we have for Connoisseur. We looked for local operators that we felt had experience in these communities and could serve them best. We are very happy that Christensen Broadcasting shares our values and stepped up to the challenge.”
Christensen Broadcasting, in its own statement, said, “We are grateful for the opportunity to strengthen locally focused broadcasting within these communities. Our organization remains committed to delivering reliable, community-centered programming that reflects the values and voices of the region. We look forward to honoring each station’s legacy while supporting their continued growth and service.”
Serving as the broker on this transaction is Kalil & Co., while Connoisseur Media’s legal representation was handled by Wilkinson Barker Knauer. Serving as Christensen’s legal counsel is Fletcher Heald & Hildreth.
The Upper Midwest deal with Christensen follows a November 18 deal that sees the sale of some fifteen Missouri radio stations to Carter Media for $400,000 — a price revealed November 25 in a newly filed Asset Purchase Agreement.
