It’s taken a while, partly because this was a very big deal being done in a very rough buying market. The deal was first announced in early August of 2015, and today it’s official: Larry Wilson’s Alpha Media has closed on all 116 Digity stations in 26 markets.
At the time the deal was announced, the Digity properties were believed to have approximately $73 million in annual sales, according to BIA/Kelsey. Among the markets where Alpha will now have a footprint: West Palm Beach; San Jose; the suburbs of Dallas and Chicago; Greenville-New Bern, NC; Myrtle Beach, SC; Lincoln, NE; and Mankato, MN.
Alpha Media adds the 116 Digity stations to 137 already in its portfolio, so the closing brings the total number of stations owned or operated by Alpha to 251 in 53 markets. With the acquisition, Alpha Media has become the 4th-largest broadcast company in the country in terms of station count and the 4th-largest in terms of market count.
Wilson said about the closing, “We are very pleased to get this remarkable transaction done, resulting in making Alpha the 4th-largest radio company in America. In our fold is now an exceptional stable of diversified stations and markets; bigger markets like West Palm Beach and San Jose, to smaller markets like Mason City, Iowa and Myrtle Beach, South Carolina, serving not only their towns but surrounding areas and communities. It has been a tremendous pleasure to work with respected broadcaster, Dean Goodman, and his management team. We look forward to joining forces with the phenomenal people at Digity doing radio the right way.”
Digity CEO Dean Goodman commented, “I have been honored to work with the great
broadcasters of Digity. They know their roots are in live and local and their future is dynamic. They will excel as individual and collective entrepreneurs with Alpha. We hand off a thriving company, up this year at top of the industry. I wish Larry, Donna, Bob and team all the best, they have assembled a great platform.”
RBC Capital Markets acted as sole financial adviser and Cooley LLP as transaction and regulatory counsel to Digity. George Reed of Media Services Group is the broker for Alpha Media.
An earlier version on this story stated Alpha was now the 3rd largest company in terms of market. That was incorrect. Townsquare is 3rd with 66 markets. Alpha is 4th with 53 markets. And of you’re keeping track at home, iHeartmedia has 150 and Cumulus has 90.