As of today, the fast-growing radio station ownership group led by founder Jeff Warshaw has entered the San Francisco-Oakland radio market, adding to assets in San Jose obtained in its debt assumption-driven merger with Alpha Media.
It’s a transaction that saw Kalil & Co. serve as Bonneville’s broker of record.
The transaction sees Bonneville International Corp. complete a deal that brings to Connoisseur Media the LDS Church-affiliated media company’s assets in the San Francisco Bay Area.
To make a consummation happen, a local radio rule waiver from the FCC’s Media Bureau was needed in order to prevent a necessary divestment under current ownership rules.
That was granted, allowing Connoisseur to proceed with its $10 million purchase of KOIT-FM, KMVQ-FM and KBLX-FM in the San Francisco market along with their numerous FM boosters, and KUFX “98.5 K-Fox” in the San Jose market.
Those properties will be paired with properties Connoisseur acquired in its Alpha Media merger: Country KBAY-FM “Bay Country 94.5” in Gilroy and Hot AC KEZR “Mix 106.5” in San Jose plus KBAY simulcast partner KKDV-FM 92.1 in Walnut Creek, and Adult Contemporary pair KUIC-FM 95.3 in Vacaville and KKIQ-FM 101.7 in Livermore.
In the waiver, Connoisseur stated that its revenue percentage in San Francisco-Oakland would rise to 15.3%, from 2.2%. However, this is less than the market revenue seen by both Audacy Inc. and iHeartMedia, it said.
David O’Connor of Wilkinson Barker Knauer LLP represented Bonneville and David Oxenford served as Connoisseur Media’s legal representative.
