Wendell and Lydia Starke will transfer the ownership Iliad Media Group to its employees through an Employee Stock Ownership Plan.
Iliad will continue to be led by President/CEO Darrell Calton following the transition. Iliad, which began in the 1990s as FM Idaho, and has also operated as Locally Owned Radio and Impact Radio, owns fourteen brands between their clusters in Boise and Twin Falls ID.
Boise: Variety Hits “96.1 Bob-FM” KSRV, Rhythmic CHR “Wild 101.1” KWYD, Country “101.9 The Bull” KQBL, Alternative “96.5 The Alternative” KQBL-HD3, Hot AC “My 102.7” KZMG, Rock “99.1 I-Rock” KQBL-HD2, Sports “Fox Sports 99.9” KSRV-HD2 and Oldies “Kool 101.5” 1260 KKOO
Twin Falls: CHR “92.7 The Music Monster” KTPZ, Country “102.1 The Bull” KYUN, Variety Hits “104.7 Bob-FM” KIKX, Hot AC “Q106.7” KIRQ, Oldies “Magic 95.1” KYUN-HD3, and Rock “I-Rock 105.1” KYUN-HD2
Iliad Media Group Holdings Inc. has announced its forty-six employees will become employee-owners of the award-winning, highly rated media company through an Employee Stock Ownership Plan (ESOP). The transition to 100% employee ownership by the media group illuminates that despite dismal news about workforce retention, volatile economy, and speculation about the decline in radio revenues, the team believes so much in the power of good local radio that they partnered with ownership to buy the company.
The multi-media company has a long tradition of being the only locally owned, privately held, large commercial radio cluster in the Boise market since 2007 and enjoys a 26-year history of commercial radio excellence in Twin Falls, Idaho. By transitioning to an employee-owned model, Iliad Media Group will maintain its long-term commitment to staying local by joining only 42 other ESOPs in Idaho.
President and CEO Darrell Calton says, “One of the biggest concerns that the ownership and I had about the company was not the year-to-year successes, but the decade-to-decade success. Many independent business owners struggle with what to do about the march of time regarding estate and business planning. We are so fortunate to have an owner that wants to recognize the efforts of our long-term employees and wants to put the future of the business in our hands. This ESOP business transition tool is precisely what we all needed.”
About Employee Stock Ownership Plans. Employee Stock Ownership Plans (ESOPs) are qualified retirement plans that buy, hold, and sell company stock for the benefit of the employees, providing an ownership stake in the company.
Calton added, “Employee ownership will allow us to live our values of putting people first, leading with creativity, and acting with integrity. The work we do each day will have a deeper purpose and greater impact on our communities than ever before. I am thankful to our consultants, ESOP Partners, for guiding us through the process, our leadership team for helping to navigate a complicated transition, and of course, our team of passionate employees.”
About Iliad Media Group Holdings Inc. Iliad Media Group will continue to operate as usual, managing digital and commercial radio distribution channels in Boise and Twin Falls, Idaho. Upon final FCC approval of the sale, Iliad Media Group Holdings, Inc. will own and operate eight radio channels in Boise, Idaho, and six in Twin Falls, Idaho. Iliad Media Group will become one of only four radio broadcast companies in the United States that are employee-owned.
This story first appeared on radioinsight.com