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Wilks Broadcast Group to Acquire Radio Stations in Kansas City, MO and Columbus, OH From CBS Corporation
Contacts:
Jeff Wilks
Chief Executive Officer
Wilks Broadcast Group, LLC
(404) 909-0660
Craig B. Klosk
Managing Partner & Co-Founder
The Wicks Group of Companies, L.L.C.
(212) 838-2100
Dana McClintock
CBS Corporation
(212) 975-1077
Wilks Broadcast Group to Acquire Radio Stations in Kansas City, MO and Columbus, OH From CBS Corporation
ATLANTA, GA (October 11, 2006)—Wilks Broadcast Group LLC, an affiliate of The Wicks Group of Companies, L.L.C., today announced that it has entered into a definitive agreement with CBS Corporation (NYSE: CBS.A and CBS) to acquire four radio stations in the Kansas City, MO market (DMA #29), and three radio stations in the Columbus, OH market (DMA #38) for a total consideration of $138 million. The stations included in the transaction are KFKF(FM), KBEQ(FM), KMXV(FM) and KCKC(FM) in Kansas City, and WLVQ(FM), WHOK(FM) and WAZU(FM) in Columbus. The agreement is subject to customary conditions and regulatory approval.
Jeff Wilks, CEO of Wilks Broadcast Group said, "We are excited to add these assets to our portfolio and build upon the success we have achieved in our other markets. Kansas City and Columbus are tremendous markets with dominating stations and employees that have consistently outperformed their competitors in ratings and revenue."
Craig Klosk, Managing Partner of The Wicks Group added, "We continue to feel that there is significant long-term growth and value in radio broadcasting and the markets we serve have particularly attractive local growth prospects."
Michael J. Bergner of Bergner & Co. represented Wilks Broadcast Group in this transaction.
About Wilks Broadcast Group
Wilks Broadcast Group, LLC was established as a platform to acquire and operate radio broadcasting stations in attractive mid-size U.S. markets. With the acquisition of the Kansas City and Columbus assets WBG will operate a portfolio of 18 FM radio stations across five markets including Kansas City, Columbus, Fresno, CA, Reno, NV and Lubbock, TX.
About The Wicks Group
The Wicks Group of Companies, L.L.C. (www.wicksgroup.com) is a New York based private equity firm that invests in selected segments of the communications, information and media industries. Wicks currently owns or has owned companies in educational publishing, consumer publishing, community newspapers, radio broadcasting, television broadcasting, magazine publishing, outdoor advertising, newsletter publishing, and cable television distribution.
About CBS Corporation
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW—a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution Group), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), digital media (CBS Digital Media Group and CSTV Networks) and consumer products (CBS Consumer Products). For more information, log on to www.cbscorporation.com. |
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