Seven FM stations sold to Wicks Group
CBS is selling seven radio stations to private equity firm Wicks Group for $138 million as it makes good on its promise to divest stations in small and midsized markets.
The Wilks Broadcast Group will acquire FM stations KFKF, KBEQ, KMXV and KCKC in Kansas City, Mo., and FM stations WLVQ, WHOK and WAZU in Columbus, Ohio.
“We continue to feel that there is significant long-term growth and value in radio broadcasting, and the markets we serve have particularly attractive local growth prospects,” Wilks said in a statement.
In May CBS signaled plans to sell 39 stations to focus on large metropolitan markets as it grapples with a prolonged slump in the radio business.