TRANSACTIONS TODAY on Tuesday (6/4) shared the news, courtesy of broker Kalil & Co., that an AM-FM combo serving a region between Madison, Wisc., and Rockford, Ill., is being sold to a father/son operation that presently runs eight radio stations in the region.
We now know that the deal is valued in the millions of dollars.
An agreement was reached May 31 that will see Big Radio obtain 1kw Class C WCLO-AM and Class B1 WJVL-FM, both in Janesville, Wisc., from Southern Wisconsin Broadcasting.
The seller is a wholly-owned subsidiary of Bliss Communications, owned by Skip H. Bliss. WCLO-AM began broadcasting in 1930 under the leadership of Skip’s father and was the first radio station operated by the Bliss family.
WJVL-FM began broadcasting in 1947.
According to the APA, “Big Radio” is an operation that will run the stations under the direction of licensee and incoming owner Benjamin Thompson.
The APA, filed June 7, also indicates that FM translator W224DE is included in the transaction.
How much is Thompson paying for the AM/FM combo and translator?
The deal is valued at $5.75 million.
A $675,000 escrow deposit is being held by Tucson-based Kalil & Co., representing Thompson.
Thompson at present operates eight radio stations from its offices in Beloit, Freeport, Monroe, and Janesville, Wisc. Ben’s father, Scott Thompson, founded Big Radio in 1996 with the purchase of two radio stations in Monroe. After four years at Magnetar Capital, a Chicago-based hedge fund, Ben Thompson moved to Beloit and became CEO of the family business.
Under Ben’s leadership, Big Radio remains committed to its founding ideals, providing “superior coverage of the community’s local news, sports, entertainment, and information.”
Representing the seller as its broker in this transaction is Dirks, Van Essen, Murray & April.
