You and everybody’s cousin already knew that CBS Radio has a deal to sell its four Portland, OR stations to Larry Wilson’s Alpha Broadcasting, but the official announcement came Monday. CBS confirmed that the sale price is $40 million.
Working to put this deal together were the brokers of Kalil & Company. It should be refreshing to many in the radio industry to see a significant transaction going down that isn’t the result of a bankruptcy proceeding or receivership.
CBS Corporation said it has signed a definitive agreement to sell its four radio stations in Portland, OR, KINK-FM (Adult Album Alternative), KUPL-FM (Country), KUFO-FM (Active/Alternative Rock) and KCMD-AM (Talk), to Alpha Broadcasting for $40 million in cash.
“I am pleased that we were able to secure another attractive deal for our valuable radio assets,” said CBS Radio President and CEO Dan Mason. “With this sale of our Portland stations – our third deal in the past eight months for a total of twelve station sales – we’re another step closer to our goal of focusing primarily on the nation’s largest markets where we see the most long-term promise. The marketplace for station sales is improving, so we expect to make further progress on that goal going forward,” he added.
Larry Wilson, the Chairman and Chief Executive Officer of Alpha Broadcasting, said, “The purchase of these great stations is a perfect complement to the acquisition of news talk KXL-AM and KXTG-FM in Portland. With this dynamic cluster, Alpha will be able to serve a wide array of Portland residents. The mission of Alpha Broadcasting is to provide entertaining, informative, and compelling programming for the people of Portland, and to produce fantastic results for the Portland advertisers we serve while being upstanding citizens of the community,” said Larry Wilson, Chairman and CEO of Alpha, which is backed by Portland-based Endeavour Capital.