Updated at 2:30pm Eastern
An asset purchase agreement has been submitted with the FCC for its approval of a five-station, three-city deal that sees the Sage Weil-led Civic Media enter the “U.P.” for the first time.
Civic Media has struck an agreement with J&J Broadcasting, headquartered in Iron River, Wisc.
Interestingly, the purchase will be completed by the newly formed Michigan Civic Media Alliance — led by Civic Media with additional support and investment from the Michigan Independent Media Group (MIMG).
The radio stations being traded are:
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Class D WJMS-AM 590 and FM translator W221EH at 92.1 MHz in Ironwood, Mich.
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Class C1 WIMI-FM 99.7 in Ironwood, Mich.
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Class C1 WUPY-FM 101.1 in Ontonagon, Mich.
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Class C3 WKMJ-FM “Mix 93.5” in Hancock-Houghton, Mich.
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Class D WMPL-AM 920 and W297CD at 107.3 MHz in Hancock-Houghton, Mich.
According to the asset purchase agreement, filed Tuesday afternoon with the FCC for its OK, Michigan Civic Media Alliance LLC is paying $1.55 million for the stations. A $300,000 downpayment has been made to the seller and is being held by Associated Title and Closing Services of Ironwood, Mich.
Civic Media Vice President of Operations Kory Hartmann commented, “These heritage radio stations have served their local communities for years and are strong partners with local businesses and organizations. We intend to continue that legacy of service and add a wider array of products to keep people in touch with their community.”
CEO Sage Weil added, “At Civic Media we believe in the importance of local media, and investing in rural areas where quality news and information is too often hard to come by. We are excited by this opportunity to expand our network into the upper peninsula.”
For those wondering what ever became of a deal that would had seen Cliff Dumas, the longtime KUZZ/Bakersfield morning co-host who helped launch the CMT Network in Canada, purchase the stations for $1.3 million, that November 2022 transaction failed to close. Through BTC USA Holdings Management Inc., Bryan Woodruff-led Local First Media Group, based in Calgary, was to take a 20% foreign ownership stake in the operation. Dumas, through his Broadcast 2 Podcast Inc. enterprise, was to hold the remaining 80% equity interest in BTC USA.
