Cherry Creek/Townsquare Deal Done
• Cherry Creek Media’s $18.7 million sale of 34 radio stations in nine markets — Butte, Great Falls and Missoula, MT; Montrose, CO; Sierra Vista, AZ; St. George-Cedar City, UT; Tri-Cities, WA; Wenatchee, WA; and Williston, ND — to Townsquare Media, Inc. is now closed.
The Seller, Cherry Creek, is a Colorado-based company headed by CEO Jonathan Brewster. The Buyer, Townsquare Media, is a New York-based company headed by CEO Bill Wilson. Townsquare now owns 355 radio stations in 74 small and mid-sized markets.
Kalil & Co., Inc. was the exclusive broker for this transaction.
• As we reported earlier this week, concurrent with the closing of the sale, Cherry Creek Group Program Director Mark Elliott is not making the transition to Townsquare, and will instead return his full-time focus to the operation of his consultancy, Mark Elliott Media and the expansion of his digital outlet, Radio Espionage. Elliott originally launched Mark Elliott Media in 2007 and operated it fulltime until joining Cherry Creek in 2015.
