NRG Media, the radio station ownership group focused on America’s Heartland led by CEO Mary Quass, is moving forward with the sale of properties serving a trio of Nebraska cities. Who’s the buyer? Look no further than the husband and wife team that owns one-third of Legacy Communications.
And, we know how much their paying for the former Waitt Media stations.
That would be Alan and Joanna Usher, who through Usher Media LLC is agreeing to purchasing the following properties:
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KGFW-AM, KQKY-FM, KRNY-FM, and K241CN-FX in Kearney, Neb.
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KROR-FM in Hastings, Neb.
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KSYZ-FM in Grand Island, Neb.
With the sale, NRG will continue to focus on its other radio stations, found across Iowa, Illinois, Nebraska, and Wisconsin.
In a statement distributed late Tuesday by broker of record Kalil & Co., Quass said, “We’re pleased to announce the sale of our six radio stations in Central Nebraska. It’s been a privilege to serve this community with an exceptional team whose passion and commitment have made these stations a vital voice in the Kearney, Hastings and Grand Island markets. We are confident that Usher Media will build on that foundation and continue to serve listeners, advertisers, and the community with excellence.”
NRG acquired the Kearney, Hastings and Grand Island properties exactly 12 years ago from Norman Waitt-led Waitt Media Holdings LLC as part of a bigger stock-fueled deal valued at $70 million.
With the sale of the stations to Alan and Joanna Usher, who are represented by Wiley Rein attorney John Burgett, NRG is pocketing $3.75 million from the sale of the stations.
A $187,500 escrow payment has been made to Kalil & Co., with the remainder payable by cashier’s check or wire transfer at closing.
Alan Usher commented, “We are excited to announce the acquisition of six radio stations in Central Nebraska. As a locally owned and operated organization, raised in the Tri-Cities, this strategic move underscores our commitment to expanding our media presence while staying deeply connected to our roots. We are committed to being a community leader, championing local projects, and driving community growth. We look forward to providing comprehensive local news, weather, and sports coverage while fostering a vibrant and thriving community for all.”
To make the transaction pass muster with the FCC, the Ushers are divesting their stake in Grand Island-based GI Family Radio, the Legacy Communications-associated licensee they hold one-third ownership of.
Usher Media’s legal counsel in this transaction is Stephen Lovelady, Special Counsel to Shainis & Peltzman.
