According to http://news.radio-online.com
Peak Broadcasting has agreed to acquire CBS Radio's 7-station group in Fresno for $90 million in cash. Peak intends to begin programming the stations under a Time Brokerage Agreement (TBA) in December. This marks the first acquisition for the recently formed partnership of Peak Broadcasting and Duff, Ackerman & Goodrich, a San Francisco-based investment firm.
Included in the deal are Variety Hits KFJK-FM (105.9), News/Talk KFPT-AM (790), KMGV-FM (97.9), News/Talk KMJ-AM (580), Oldies KOQO-FM (101.9), Country KSKS-FM (93.7) and CHR KWYE-FM (101.1). All of the stations have full market coverage.
Peak Broadcasting CEO Todd Lawley commented, "We are very pleased to announce Peak's first acquisition. To acquire these significant radio stations in fast growing Central California is the first step towards building a new generation of radio operations. Through technology, focus, and creativity, Peak will take advantage of every platform that these fine brands offer."
Following the closing, Peak Broadcasting will re-locate its corporate offices and operations to Fresno. Kalil & Co. acted as the exclusive broker for this transaction. (11-16-06)
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