Connoisseur Media has officially covered the Bay Area, completing a purchase of four Bonneville International stations after securing a local radio rule waiver in another litmus test of where the wind is blowing when it comes to allowed ownership limits at the FCC.
The $10 million deal brings 96.5 KOIT, 99.7 NOW (KMVQ), and KBLX in San Francisco, along with their FM boosters, and Classic Rock K-Fox 98.5 (KUFX) in San Jose, into the Connoisseur portfolio. The Bonneville properties will be paired with the Bay Area cluster Connoisseur assembled through its debt assumption-driven merger with Alpha Media: Mix 106.5 (KEZR) and Bay Country (KBAY) in San Jose, as well as 95.3 KUIC and 101.7 KKIQ in the East Bay.
The FCC waiver was required to prevent a divestiture under current local radio ownership rules. In its filing, Connoisseur noted its San Francisco-Oakland revenue share would increase to 15.3% from 2.2% — below the shares held by both Audacy and iHeartMedia.
Connoisseur Jeff Warshaw has shown he is willing to test the boundaries of current ownership limits as he builds Connoisseur’s national footprint.
Last month, Radio Ink reported that Connoisseur is seeking an even more aggressive waiver in Lincoln, NE, where the company is seeking FCC approval to own all 11 commercially rated stations in the market following a deal to acquire NRG Media’s local cluster. The FCC has yet to issue a decision on its 2022 Quadrennial Review, which could revise or relax local ownership caps, and Warshaw appears to be moving ahead as if relief is coming.
Bonneville was represented in the transaction by Kalil & Co. as broker of record. David O’Connor of Wilkinson Barker Knauer LLP served as Bonneville’s legal counsel, with David Oxenford representing Connoisseur.
