A transaction first announced on May 13, with details later surfacing in early June with the filing of Form 314 documents with the FCC for its regulatory approval, has closed.
This puts stations in two South Dakota cities held by the company founded and led by Jeffrey Warshaw in the hands of Carolyn Becker, thanks to a deal brokered by Kalil & Co.
Connoisseur Media on Monday completed on the sale of KIXX-FM, KLDO-FM, KSDR-AM & FM, and KWAT-AM in Watertown and sibling KKSD-FM in Millbank, S.D. to Becker-led Riverfront Broadcasting.
A $350,000 purchase price was agreed to by the parties, with Connoisseur paying a 10% deposit held by Kalil & Co. ahead of closing.
Connoisseur Media had legal representation by Wilkinson Barker Knauer, while Riverfront Broadcasting was represented by Marlow, Woodward & Huff.
The acquisition, Connoisseur said, reflects its plan “to refine its portfolio and strengthen its presence in priority markets.” Additionally, the company said the deal is “a continuing element of the strategy established with the acquisition of the Alpha Media stations in September of last year.”
Warshaw commented, “The Watertown market was not a market we felt Connoisseur could make a material difference in with the focus and approach we bring to radio. As we have previously announced, we look for local, quality operators to purchase stations in markets Connoisseur is looking to exit. We have been talking with Carolyn Becker and her company for several months, and we think Riverfront Broadcasting, being a South Dakota based company, understands the local market and can carry on providing local content and will excel in serving the community.”
Carolyn Becker serves as President of Riverfront Broadcasting. She commented, “We are very happy to bring local ownership and local focus back to these great stations in the Watertown Market. Jeff and the Connoisseur team have taken an approach of selling to local ownership and we are grateful for the opportunity.”
Watertown and Milbank, S.D., are small cities due west of Minneapolis by roughly four hours and some two hours to the south of Fargo. The region has a strong job market in the manufacturing sector.
