By Terri Jo Neff |
The third largest owner of radio stations in the U.S. is getting bigger with the announcement that it is expanding into Arizona and Utah by acquiring Cherry Creek Broadcasting LLC.
New York-based Townsquare Media confirmed last week it has agreed to pay $18.75 million to add Colorado-based Cherry Creeks’ 43 stations in 9 markets to Townsquare’s holdings The deal is expected to close in the third quarter of 2022, pending regulatory approval.
Townsquare is a community-focused digital media and digital marketing solutions company with 321 stations in 67 markets focused outside the top 50. Its only stations in the southwest U.S. have been in Texas, but that changes with the Cherry Creek deal.
Three stations based near the border in Sierra Vista -KTAN Thunder 98.1 (1420 AM and 98.1 FM), KWCD Country 92.3 FM, and KZMK All Hits K101.(100.9 FM)- are part of the deal, as well as three stations in southern Utah.
“Folding Cherry Creek’s quality brands and digital platform into Townsquare is the natural next phase in our growth journey and offers Cherry Creek employees access to a deep bench of resources and guidance to continue their shared mission.” said Jonathan Brewster, Cherry Creek CEO.
“As we’ve grown with the help of partners like Bain Capital Credit, we have maintained our focus on serving small-to-midsize communities and leveraging this platform to build a robust digital-solutions business that advertisers desperately seek.” Brewster added.
Kalil & Co. Inc. acted as exclusive broker for Cherry Creek.