Saga Communications is officially the new owner of Neuhoff Media‘s Lafayette, IN cluster, as part of Neuhoff’s total divestment of its radio division. The $5.3 million sale covers five stations and one FM translator as well as all digital assets.
Originally disclosed in February, the sale includes WKOA, WKHY, WASK, WXXB, and WASK-AM. The digital assets will be of importance to Saga as the company expands its online footprint across the country, as discussed in its Q1 earnings call.
The purchase marks a second chance of sorts for Saga – the broadcaster had shown interest in buying the cluster when the stations were acquired by the Neuhoff family but missed the opportunity.
Kalil & Co., Inc. acted as the exclusive broker for this transaction.
Saga CEO Chris Forgy previously stated, “These stations are a great fit for Saga. We see a lot of opportunity with these stations and this market and are pleased that the family has decided to entrust Saga with continuing these station’s long-standing heritage of serving the Greater Lafayette region. Saga intends to continue building its business in radio by identifying and acquiring middle market stations in dynamic communities.”
Neuhoff finalized the sale of its eight radio stations in Decatur and Danville, IL, and their associated digital news platforms to Champaign Multimedia Group for $2 million in May. The deal included WSOY-AM/FM, WCZQ, WDZ-AM, WDZQ, and NowDecatur.com in Decatur, and WDAN-AM, WDNL, WRHK, and VermilionCountyFirst.com in Danville.
Neuhoff has yet to announce sales plans for its Bloomington and Springfield, IL stations.
