Is Renda Cashing Out?
Not known as a seller of his stations, Tony Renda has now dumped two of his markets in a very short period of time. Last night it was announced that Renda would be selling his 4-station cluster in Oklahoma City to Tyler Broadcasting. In March, Journal picked up Renda's 2 stations in Tulsa for $12 Million. Renda didn't offer up much in the press release last night, "this transaction will benefit both parties," and he did not return an e-mail asking for comment. Post the Oklahoma City deal Renda will be at 19 stations in 6 markets according to their company website.
Here are the Oklahoma City details. Tyler Broadcasting has agreed to purchase Renda Broadcasting's entire Oklahoma City cluster. The cluster includes 104.1 KMGL FM, 107.7 KRXO FM, 92.5 KOMA FM and 1520 KOKC AM. Tyler Broadcasting currently owns five stations in Oklahoma City including 93.3 KJKE FM, 97.3 KKNG FM, 106.7 KTUZ FM, 1560 KEBC AM and 890 KTLR AM. In conjunction with this transaction, Tyler will be selling two of its existing stations in the market.
Tyler Broadcasting President Ty Tyler said, “The Tyler family is pleased to add these outstanding, well run Renda properties to our cluster. The combined companies will allow us to better serve the listeners, advertisers and our home town of Oklahoma City. We are pleased to have reached an agreement with Tyler Broadcasting for our Oklahoma City cluster.
Media Venture Partners, LLC represented Renda Broadcasting Corporation on the transaction and Kalil & Co, Inc. represented Tyler Broadcasting.
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