With the company late Friday reporting less than stellar second quarter earnings results ahead of a privatization effort involving Alden Global Capital that’s already resulted in the parting of ways with many on-air and programming staff, Cumulus Media has signed off on the sale of a pair of FMs in two mid-sized markets in the South.
In a surprise deal, KKEG-FM 98.3 in Bentonville, Ark., a Classic Hits station serving Northwest Arkansas with 100kw, is being sold along with longtime Classic Rocker WIXV-FM 95.5 “I-95” in Savannah, Ga.
The buyer is Radio Training Network, parent of the Christian Contemporary Music brand The Joy FM and Worship Music sibling HisRadio.
RTN is paying $2.05 million for the two stations. A $102,500 escrow deposit is being held by Todd Fowler. Terms include RTN’s assumption of the WIXV tower lease and the ability to extend it for two additional five-year terms.
Fowler served as the buyer’s broker of record in this transaction.
For local listeners, programming and branding of KKEG and WIXV will be retained by Cumulus. In Northwest Arkansas, the company owns and operates Top 40 KMCK-FM “Power 105.7,” Sports Talkers KQSM-FM “The Ticket 92.1” and KYNG-AM “The Ticket 2,” Alternative KRMW-FM “Radio*Jon/Deek,” News/Talk KFAY-AM, and Country Gold KAMO-FM “NASH ICON.” It is not known where KKEG’s intellectual property will wind up.
In Cumulus, “I-95” will relocate to an as-yet unspecified home. There, the company owns and operates Hip-Hop WEAS “E93,” Country WJCL-FM, and Urban AC WTYB-FM “Magic 103.9.”
