Iliad Employees Becoming Owners
• Idaho-based Iliad Media Group Holdings Inc. announced that its 46 employees will become employee-owners of the company through an Employee Stock Ownership Plan (ESOP). ESOPs are described as “qualified retirement plans that buy, hold, and sell company stock for the benefit of the employees, providing an ownership stake in the company.” The transition to 100% employee ownership illustrates that despite dismal news about workforce retention, volatile economy, and speculation about the decline in radio revenues, the team believes so much in the power of good local radio that they partnered with ownership to buy the company.
Iliad has been the only locally-owned, privately held, large commercial radio cluster in the Boise market since 2007 and enjoys a 26-year history of commercial radio excellence in Twin Falls, ID. By transitioning to an employee-owned model, Iliad Media Group will maintain its long-term commitment to staying local by joining only 42 other ESOPs in Idaho.
Iliad President & CEO Darrell Calton (left) said, “One of the biggest concerns that the ownership and I had about the company was not the year-to-year successes, but the decade-to-decade success. Many independent business owners struggle with what to do about the march of time regarding estate and business planning. We are so fortunate to have an owner that wants to recognize the efforts of our long-term employees and wants to put the future of the business in our hands. This ESOP business transition tool is precisely what we all needed.”
Calton added, “Employee ownership will allow us to live our values of putting people first, leading with creativity, and acting with integrity. The work we do each day will have a deeper purpose and greater impact on our communities than ever before. I am thankful to our consultants, ESOP Partners, for guiding us through the process, our leadership team for helping to navigate a complicated transition, and of course, our team of passionate employees.”
Iliad Media Group will continue to operate as usual, managing digital and commercial radio distribution channels in Boise & Twin Falls, Idaho. Upon final FCC approval, Iliad Media Group Holdings, Inc. will own and operate 8 radio channels in Boise and 6 in Twin Falls, ID. Iliad Media Group will become one of only four radio broadcast companies in the United States that are employee-owned.
