Word of the deal sending 26 radio stations from Double O Corporation to Townsquare Media came out yesterday – and with the dawn of a new day, the contracts associated with the sale revealed the price that the parties chose not to reveal in their initial announcements. As is turns out, double ones are involved in the sale of Double O.
Steven Price, Townsquare’s President/CEO, will be charged with the care and feeding of the stations, which will take the company’s radio portfolio to 191 stations in 40 markets.
The deal will primarily involve cash — $11M total – with $550K of that plunked down into an escrow account. And as we read the contract, Townsquare will also issue about 193K shares of stock to the seller valued at $4.87 each, adding about $940K to the deal’s total value.
The deal involves four stations in Hannibal MO-Quincy IL, three in Sedalia-Knob Noster MO, five in San Angelo TX, three in Odessa-Midland TX and a large group of 11 stations in upstate New York in the unrated area between Albany and Binghamton.
One of the stations – WIYN-FM Deposit NY — is actually part of the Binghamton market, and one other station has overlap with a Townsquare station in Utica-Rome – that would be WKXZ-FM Norwich, which overlaps WFRG-FM Utica. As for the rest, they form an impressive daisy-chain cluster that forms 13 separate and distinct contour overlap markets.