Entercom has reached a deal to acquire Lincoln Financial Media, both major radio operators in Denver, for $105 million plus working capital.
The sale will mean the loss of jobs for dozens of Denver radio employees. Lincoln Financial Media’s Denver holdings were KYGO, historically one of the most recognized country stations nationally, KQKS, KKFN, KEPN and KRWZ. KYGO-FM, Comedy 103.1, has shown tremendous growth in its first year.
The agreement, for $105 million plus working capital, will expand Entercom’s station portfolio to more than 130 stations in 26 markets. The transaction is pending FCC approval and other regulatory hurdles.
In a note to staffers, LFM chief Bob Benson said the transaction is expected to close during the second quarter of 2015 but Entercom will begin operating the stations under a time brokerage agreement on Jan. 16.
more to come…
