They’re coming from companies headed by Jerry Papenfuss. Many of them will add to service already provided to small market Minnesota communities by Leighton’s radio group. Broker: Susan Patrick, Patrick Communications (seller)
Two Papanfuss license companies are selling the stations, KAGE Inc. and Result Radio Inc.
The price is $9,500,000 cash.
Coming from KAGE: KAGE-AM, KAGE-FM, KHME-FM & KWNO-AM in Winona MN; and KWNO-FM Rushford MN.
Coming from Results Radio: KJJK-AM, KJJK-FM, KBRF-AM & KZCR-FM; and KPRW-FM Perham MN.
None of the stations are in rated markets. They have consolidation implications with numerous Leighton stations – it owns four AMs, eight FMs and four FM translators in Minnesota and North Dakota. In all, six markets are impacted in the buy.
Leighton Enterprises Inc. is headed by Jean Leighton, Chairperson, Robert Leighton, CEO and John J. Sowada, President.
“Our company is committed to local radio and this is a great opportunity to expand our presence into the Fergus Falls, Perham and Winona, Minnesota markets” said Bob Leighton, chief executive officer.
Leighton added, “The Fergus Falls and Perham markets being adjacent to our Detroit Lakes operations make them natural fits. Winona is a great market in southeast Minnesota and Western Wisconsin that opens up a new region for us. ”
“Pat and Jerry Papenfuss’ induction into the Minnesota Broadcasters Hall of Fame is a testament to their excellence and dedication to the communities their stations serve through their radio ownership,” Leighton said.
“We are committed to maintaining that dedication and look forward to welcoming all Results Radio and KAGE employees to the Leighton Broadcasting family.”
Papenfuss said “Pat and I are pleased to pass ownership of our stations to broadcasters that have the same values as we do. Leighton Enterprises shares our commitment to the community, our listeners, our advertisers and our staff.”
