Newspaper article THE JOURNAL RECORD
Radio Stations Sold in Packaged Deal
Journal Record Staff Reporter
Three Oklahoma City radio stations are included in a packaged sales deal negotiated between two East Coast companies, it was announced Monday.
New Market Media Corp. of Advance, N.C., has agreed to sell assets of KXXY-AM and -FM and KOQL-FM, along with station assets in Memphis, New Orleans and North Carolina, to REP Southeast G.P., a subsidiary of Radio Equity Partners L.P., based in Norwalk, Conn.
Sale price reportedly was $100 million for the 11 stations, even though two of them recently were purchased by New Market Media Corp. and license transfers have not been approved by the Federal Communications Commission.
The sales agreement changes plans for New Market Media, according to Stephen L. Robertson, chairman and chief executive of New Market Media.
"With the formation of Vision Media Inc. and our recent purchase announcements, we were well on our way (toward an eventual public offering)," said Robertson, also a co-owner. "However, the group headed by George Sosson presented an offer with a price which approximates $100 million. The offer and its components were considered preemptive when further considering our investors, our employees and our market-leading radio group. Sosson's plans should present existing opportunities for all New Market Media stations and employees."
No changes are planned for KXXY and KOQL, said Rickey Rudy, marketing director for both stations.
"As I understand it, these two stations will become the nucleus of their (REP Southeast G.P.) radio company. All others will follow our lead," she said. "As I understand it, we are being purchased because of our wonderful growth; we are the leaders in broadcasting in this area.
"We are being told that there are no personnel or format changes, or any type of changes, planned at this time. …