Not even NRG Media’s home turf is safe from its ongoing sell-off. The Mary-Quass-led company has agreed to sell its Cedar Rapids-Waterloo cluster, the market where it’s headquartered, to Cedar Basin Media, a new Iowa subsidiary of Sage Weil’s Civic Media.
The agreement covers four stations: Rock 108 (KFMW) and 105.7 KOKZ, both licensed to Cedar Rapids, along with Hank FM (KPTY-AM), News Talk 1540 (KXEL-AM), and the FM translators for each, all licensed to Waterloo.
The price will be disclosed when an application for the sale is filed with the FCC. Kalil & Co., Inc. is serving as the exclusive broker for the transaction.
NRG Media has operated stations across Iowa, Illinois, Nebraska, and Wisconsin for more than 20 years under Quass. The Cedar Rapids-Waterloo cluster marks the latest in a run of station sales dating to last November, when NRG sold a six-station Central Nebraska cluster to Usher Media. NRG exited Omaha in February, splitting five stations to Usher Media and a sixth to Nebraska Public Media, then agreed in March to sell its Lincoln cluster to Connoisseur Media and its Wausau and Rhinelander, WI, stations to Midwest Communications.
Once this transaction closes, the only holdings NRG will still control are WCMY-AM and WRKX in Ottawa, IL. Quass has not publicly addressed NRG’s long-term future.
Civic Media operates stations in Wisconsin, northern Minnesota, and Michigan’s Upper Peninsula, with a focus on local news, weather, sports, and conversation programming. Cedar Basin Media will serve as the company’s Iowa arm going forward.
