EXCLUSIVE: Audacy has sold six of the tower properties it had transferred into Audacy Atlas, LLC.
Tower real estate consolidator K2 Towers closed on the purchase of the tower real estate of 106.7 KROQ-FM Pasadena/Los Angeles CA, 101.9 WLIF Baltimore MD, 107.9 WLZL College Park MD/Washington DC, 97.1 KFTK-FM Florissant/St. Louis MO, 92.5 WBEE Rochester NY, and 107.7 WLKK Wethersfield Township/Buffalo NY on March 6. Terms were not disclosed, but should be discussed in Audacy’s Q4 earnings report on Wednesday, March 15. K2 Towers is one of many telecommunications infrastructure holdings financed by Cleveland based Peppertree Capital. K2 Towers declined to comment on the acquisition.
All six towers have additional tenants in addition to Audacy’s broadcast properties whether in broadcast or wireless. Unlike many other radio groups, Audacy has not yet sold all of their tower real estate as Alpha Media, Cumulus Media, iHeartMedia, Univision and others have done in bids to raise capital.
Along with the six FM towers, Audacy has since divested 103.1 KQPS Palm Desert CA from the Audacy Atlas holding company. Among the other assets held by the LLC are the up-for auction Radio.com, eight AM tower properties, and a pending application to assign AC “Star 102.5” WTSS Buffalo NY and Country “94.1 The Wolf” WLFP Germantown/Memphis TN which was granted by the FCC on March 7.
This story first appeared on radioinsight.com