Saga Subtracts TV, Adds Radio

In a move that Saga Communications, Inc. President & CEO Ed Christian describes as a “return to our roots in radio,” the company announced its selling its television stations in Joplin, MO, Pittsburg, KS and Victoria, TX while at the same time increasing its radio portfolio in South Carolina, buying Apex Media’s properties the Charleston and Hilton Head markets. The $23 million acquisition includes WCKN-FM, WMXZ-FM, WXST-FM, WAVF-FM, WSPO-AM and translators W261DG & W257BQ serving Charleston, SC, and WVSC-FM, WLHH-FM, WALI-FM and translators W256CB & W293BZ, serving the Hilton Head and Beaufort, SC markets.

Christian commented, “The Charleston stations are heritage radio stations that are very tightly focused on serving their local communities. The Hilton Head-Beaufort stations serve a regional market that will give us very strong development opportunities. We look forward to working with the existing staff to continue to serve these growing communities with great radio stations. Saga intends to continue building its business in radio by continuing to identify and acquire middle market stations.” Saga expects to close both transactions in September, subject to FCC approval.

In a separate transaction, Saga has also entered into an agreement with Morgan Murphy Media to sell the Company’s television stations in Joplin, MO, Pittsburg, KS and Victoria, TX for $66.6 million. Commenting on the company’s TV sell-off, Christian commented, “We made a very difficult decision that with all the changes taking place in the television industry that it was time for us to return to our roots in radio.”