Journal Broadcast Group, a subsidiary of Journal Communications, Inc. (NYSE:JRN), today announced that it has reached an agreement to purchase 106.9 KHTT FM (Contemporary Hits) and 92.9 BOB FM (Adult Contemporary Variety) in Tulsa, OK, from Renda Broadcasting Corporation. The transaction is subject to FCC approval. Terms were not disclosed.
Journal Broadcast Group currently owns three stations in Tulsa including 98.5 KVOO FM (Country Variety), 99.5 KXBL FM (Country Classic), and 1170 KFAQ FM (Talk Radio).
“We have high regard for Renda Broadcasting and their talented team and are very pleased to add these exceptional radio stations to our Tulsa cluster,” said Steven Smith, Chairman and CEO of Journal Communications. “The combination of these high quality stations will create a strong group that will continue to serve our listeners, customers and the entire Tulsa community. This transaction is consistent with our strategic goal of creating additional scale in existing Journal Broadcast markets.”
“We are pleased to have reached an agreement with Journal for our two Tulsa stations. This transaction will benefit both parties,” said Anthony F. Renda, Sr., Founder and President of Renda Broadcasting (“RBC”). Pittsburgh-based RBC is a privately held radio broadcasting company. RBC and its affiliated companies own and operate 25 radio stations in 8 markets.
Michael J. Bergner of Bergner & Company advised Journal Communications on the transaction.
This press release may contain certain forward-looking statements related to our businesses that are based on our current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Our written policy on forward-looking statements can be found in our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.