Adams Radio Group has confirmed that the sale of the company to Adams Radio Acquisitions Company — a deal brokered by Kalil & Co. — has closed.
RBR+TVBR first reported the news on June 9, and the newly formed company will continue to operate under the Adams Radio Group banner, but a change in leadership is taking place.
The new President / CEO is Charlie Fritz. He was previously associated with Fritz Broadcasting based in Detroit, where the new company will be based.
Sharon Bordwell, the CFO for Adams Radio, will continue to serve the new company in the same capacity.
Current President/CEO Ron Stone will relinquish that role and will now focus on serving as President and Executive Director of the Independent Broadcasters Association, an organization he founded in 2020 to help broadcasters who are privately held.
But, Stone said he will evaluate other opportunities as they may present themselves.
Stone reunited with Steve Adams in 2013 to form a second Adams Radio Group, which is what was just spun. Stone had served as VP/CFO for the first Adams Radio Group in the 1990s. That incarnation of Adams Radio operated until 1996 in multiple markets including Phoenix, Seattle, San Diego, San Antonio, Charlotte, St. Louis, and Denver.
Stone served as President/CEO of the second Adams Radio Group from its inception in 2013, growing the group to 5 markets and 24 stations by 2017.
As RBR+TVBR first reported in September 2022, the original Adams Radio investors engineered the $12.6 million deal.
