L&L Broadcasting of Portland, OR announced the closing of its acquisition of 30 stations from Triad Broadcasting Company, LLC today. L&L Broadcasting now owns and operates 30 radio stations in five markets located in Biloxi, MS; Bluefield, WV; Fargo, ND; Hilton Head Island, SC/Savannah, GA and Peoria, IL.
Larry Wilson, Chairman of L&L Broadcasting, commenting on the acquisition, said, "We have acquired a group of excellent radio stations with very special people who do superb live and local radio." Wilson is also Chairman of Alpha Broadcasting LLC, the owner of six radio stations in the Portland, OR market.
Bob Proffitt, President/CEO of L&L Broadcasting said, "The acquisition of the Triad radio stations provides us a great way to launch our new company. Located in vibrant middle market cities, this group of stations strengthens our confidence that radio is very much alive and continues to be a solid, profitable industry. Once we met the stellar people from these stations, we knew that providing great radio in great local communities was still where we want to be."
L&L also announced today that is immediately spinning off the stations in Fargo, ND to Jim Ingstad, a long time broadcaster and local resident of Fargo, for $9.5 million.
Wilson stated, "Strategically the sale of our Fargo stations makes a lot of sense for us and we are very happy that we were able to sell them to a local broadcaster with a long track record of success in the radio business."
Ingstad, who recently sold his Fargo radio stations to Midwest Communications, added. "I am very happy to be able to continue my radio station involvement in Fargo."
Effective immediately and pending FCC approval, the Fargo stations will be operated by Ingstad pursuant to a local marketing agreement between L&L and Ingstad.