Townsquare Acquiring Cherry Creek
• Townsquare Media, Inc. announced that it is acquiring Cherry Creek Broadcasting LLC for $18.75 million. Simultaneously, and due to FCC ownership limitations, Townsquare will divest six radio stations in Missoula, MT, to Anderson Broadcasting, Legacy Broadcasting (a non-profit organization), and Missoula Community Radio (also a non-profit organization), and place two radio stations in Tri-Cities, WA in a divestiture trust. Pro forma for the acquisition and divestitures, Townsquare will add assets including 35 local radio stations in nine markets, increasing its portfolio of market-leading local radio stations to 356 in 74 markets.
“We are very excited to announce the acquisition of Cherry Creek’s market-leading local media brands,” said Townsquare CEO, Bill Wilson. “The acquisition includes many local heritage brands with strong competitive positions, meaningful audience share, and very talented local teams. This represents an excellent opportunity to deploy our Digital First Local Media strategy across a broader footprint, bringing our national scale, strong digital platform, and resources to the local communities and local businesses in these markets, building upon the strong relationships these local teams have already built with their communities.”
In connection with the Transaction, Townsquare is acquiring assets including 35 radio stations in nine markets (Butte, MT; Great Falls, MT; Missoula, MT; Montrose, CO; Sierra Vista, AZ; St. George-Cedar City, UT; Tri-Cities, WA; Wenatchee, WA; and Williston, ND). The Transaction will be funded with cash on hand and is expected to close in the third quarter of 2022, pending regulatory approval.
McDermott, Will & Emery and Wilkinson Barker Knauer served respectively as transaction and FCC counsel to Townsquare in connection with the Transaction. Kalil & Co., Inc. acted as exclusive broker for Cherry Creek.
