Less than four years ago, Cherry Creek Radio owned more than 60 radio stations in small and mid-sized markets in the western U.S.
In July 2014, the company began a new chapter when it agreed with a credit affiliate of Bain Capital to restructure itself and its balance sheet.
Among the stations Cherry Creek had in its stable at the time were two AM/FM combos east of I-25 in southeast Colorado. Now, Cherry Creek is selling the stations in a deal brokered by Kalil & Co.
It’s our top deal up for discussion in RBR+TVBR’s TRANSACTIONS TODAY for Feb. 13, 2018.
In twin announcements from Kalil and the stations’ buyer ahead of a Form 314 filing with the Commission, Cherry Creek is selling KBLJ-AM 1400 and KTHN-FM 92.1 in La Junta, Colo. and KLMR-AM 920 & FM 93.5 in Lamar, Colo., to 25-7 Media for an undisclosed price.
Cherry Creek Radio is presently headed by Jonathan Brewster and continues to own stations in Colorado, Washington, Arizona, Montana, North Dakota and Utah.
The Buyer is a Colorado-based company headed by Aaron Leiker, and this transaction represents his company’s entry into radio ownership.
In prepared remarks, Leiker, who serves as 25-7’s President/GM, said, “We appreciate the great work our teams in Lamar and La Junta have done to serve their communities. With 25-7 Media’s local ownership and commitment to southern Colorado, we’re confident and pleased this effort will continue. Having grown up in Southeast Colorado, I have listened to these stations my entire life. I am excited to bring local ownership back to these heritage stations in our area. A commitment to serving the communities of Lamar and La Junta, Southeast Colorado, and the Hi-Plains region will be the driving force for 25-7 Media in this new venture.”
Leiker presently serves as the OM and morning host of Country KVAY-FM 105.7 in Lamar.
In other TRANSACTIONS TODAY:
- Radio Center of Jackson is selling silent WHOD-FM 94.5 in Jackson, Ala.; silent Class D 1kw WRJX-AM 1230 in Jackson; and silent WBMH-FM 106.1 in Grove Hill, Ala.; to Pine City Radio. This follows a March 2017 arrangement that saw the sale of the three sales from The Capital Assets Group to Jason Kyzer, President of Kyzer Communications. However, Kyzer filed for Chapter 7 bankruptcy protection following his acquisition of the stations; operations were suspended on Nov. 14, 2017. This transaction is valued at $200,000, and a 10% escrow deposit has been made to RCJ by Pine City Radio. The buyer is led by Managing Member Thomas Butts. Jackson is a small city north of Mobile and southeast of Meridian, Miss.
- Vic Michael, an active buyer and seller of FM translators of late in the Rocky Mountain West, is at it again. This time, however, his Cedar Cove Broadcasting is engaged in an asset exchange with Calvary Chapel of Twin Falls. Going to CCTF is K215FM at 90.9 MHz in Fort Collins, Colo. In return, CCB is getting K220GI at 91.9 MHz in Camp Verde, Ariz.
