Connoisseur Media has completed its acquisition of Alpha Media following FCC approval on August 13, placing it among the top ten largest US radio broadcast companies by both station count and revenue. The company unveiled a new logo alongside the announcement.
Adding to the company’s heritage stations in Connecticut and on Long Island, Connoisseur adds markets including San Antonio, Portland, Salt Lake City, San Jose, Palm Springs, and Louisville.
Guggenheim Securities served as financial advisor on the transaction, with legal counsel from Winston & Strawn, Wiley Rein, McDermott Will & Shulte, and Wilkinson Barker Knauer. Financing was provided by Brigade Capital Management and Sienna Lending.
The acquisition revolved around Connoisseur’s assumption and refinancing of Alpha’s debt, which remained sizable even after its 2021 bankruptcy. Court records show Alpha exited Chapter 11 with about $115 million in obligations. Under the purchase agreement, Connoisseur repaid and retired Alpha’s outstanding credit agreements, replacing them with new facilities under its own umbrella.
A Local Marketing Agreement for Alpha’s 207 stations began May 5.
Connoisseur Media CEO Jeff Warshaw said, “Local broadcasting has always been at the heart of what we do. Connoisseur started as a company rooted in radio serving local markets. Today, we’re taking that same local-focused philosophy, which now includes our digital marketing and multi-platform expertise, to some of the most dynamic markets in the country. This acquisition is about assembling the scale and resources to keep radio strong, serve our communities, empower our employees, and create even more value for advertisers.”
Warshaw added, “As I have travelled the country to meet our new colleagues in the Alpha Media markets, I have been impressed with their dedication to radio and their communities. I am excited to be associated with such a great group of people.”
