An investment group that includes many executives from other companies held by Stephen Adams are purchasing Adams Radio Group for $12.6 million.
The Charles C. Fritz led Adams Radio Acquisition Co. LLC will acquire the company’s fifteen stations in Tallahassee FL, Fort Wayne and Northeast Indiana, and Las Cruces NM. The ownership group includes a four person Board of Directors of Fritz, Adams + Fairway Outdoor Advertising President/CEO Kevin Gleason, Adams + Fairway and Camping World Director Andris Baltins, and former NFL kicker Mick Luckhurst. Trusts and LLC’s held by Baltins, Gleason, and Luckhurst will each hold a 33.3 percent stake in the company.
The contract notes that the buyer is required to continue to utilize the Adams name for at least two years after closing.
Current President/CEO Ron Stone and VP/Controller Sharon Bordwell will depart the company at closing but be made available to the buyers for thirty days afterwards.
The stations involved in the deal are:
Fort Wayne IN: Country “US 93.3” WBTU Kendallville, Classic Rock “96.3 XKE” WXKE Churubusco, Variety Hits “103.9 Wayne-FM” WWFW Fort Wayne, CHR “Hot 107.9” WJFX New Haven, Adult R&B “B96.9” W245CA Fort Wayne/WJFX-HD3, and Hip Hop “Loud 103.3” W277AK Fort Wayne/WJFX-HD2
Northwest Indiana: Classic Rock “X-Rock 103.9” WXRD Crown Point, Country “Indiana 105.5” WLJE Valparaiso, and AC “Z107.1” WZVN Lowell
Las Cruces NM: “Classic Rock 98.7” KSNM Truth Or Consequences, CHR “Hot 103.1” KHQT Las Cruces, “Your Country 103.9” KGRT-FM Las Cruces, and “Kool Oldies 104.5” 570 KWML/104.5 K283CG Las Cruces
Tallahassee FL: Variety Hits “Tally 99.9” WXTY Lafayette, Country “103.1 The Wolf” WWOF Tallahassee, CHR “Hot 104.9” WHTF Havana, and Oldies “Kool Oldies 106.1” WQTL Tallahassee
This story first appeared on radioinsight.com