Since June 1991, David Reid Magnum has gained recognition as a hyperlocal owner and operator of broadcast media properties across Wisconsin.
Now, Magnum-owned Magnum Media has opted to part ways with a pair of AM radio stations, three FM translators, and a Class C3 FM serving five distinct locales across the state.
Editor’s Note: The name of the legal counsel representing the buyer in this transaction was incorrectly published on February 20. It has been corrected as of February 23, 2022. We regret the error.
On February 17, Magnum signed off on an asset purchase agreement now awaiting regulatory approval that will see Civic Media, the fast-growing entity led on a day-to-day basis by Michael Crute and is 90% owned by Sage Weil acquire the following properties:
- WRJN-AM 1400 and FM translators W260CV at 99.9 MHz in Racine, Wisc., and W251BU at 98.1 MHz in Kenosha, Wisc. The station’s broadcast studios are included in the deal.
- WLXR-AM 1490 in La Crosse, Wisc., a 1kw Class C.
- WEZY-FM, a 25kw station and FM translator W228EP in Chippewa Falls, Wisc. WEZY will return to its WCFW-FM call sign upon closing.
- FM translator W239CV at 102.5 MHz in Oshkosh, Wisc. It will rebroadcast WVXN-AM 1520 in New Holstein, Wisc.
Various parcels of real estate associated with the stations are included in the transaction.
What isn’t include is the WLXR call sign, which Magnum intends to retain.
The deal is valued at $3.65 million, and a $1 million downpayment has been made by Crute to Magnum. Serving as joint escrow agents are legal counsel for Magnum John C. Trent; and Kathleen Victory of Wiley Law, for Civic Media.
Civic Media will own 18 stations upon closing of the transaction. Of those properties, three are Country stations while 12 are News/Talk/Sports stations.
“Acquiring FCC broadcast licenses is only the first step,” said Weil, Civic Media’s CEO. “Now comes the hard work of programming and operating these stations in the public interest to provide listeners with local and regional news and commentary that is factual, fair, and trusted by the community. We are leaning into hometown radio where other network operators are not, and we look forward to building strong relationships with listeners across the state by providing content that is relevant to their local communities.”
Crute serves as Civic Media President, and he said that he and Magnum have been “actively negotiating” the transaction since they first met in Summer 2022 in La Crosse. “I just wanted to buy one radio station in my college town,” Crute said. “Since that day, Dave and I have had a dozen clandestine meetings. We’ve spent 40 hours in the most complex negotiations I have ever been a part of. I literally married my wife after fewer dates, and I had to ask less often.”
Magnum commented on the sale by noting that his company looks forward “to continuing to serve our listeners and clients in the Racine-Kenosha market with WVTY. We congratulate Sage Weil and Mike Crute for attaining their Wisconsin coverage goal by adding the Racine-Kenosha, La Crosse, and Eau Claire markets.”
