Alpha Broadcasting and L & L Broadcasting have announced that they have entered into an agreement to merge the companies and upon consummation of the merger, will become Alpha Media. The current corporate team for Alpha Broadcasting and L & L Broadcasting will remain and operate the company from the corporate headquarters in Portland, OR.
Alpha Broadcasting is headquartered in Portland, where it operates six stations. L&L Broadcasting is also headquartered in Portland, and operates 43 stations in seven markets. L&L has been overseeing the operation of the Portland stations for the last year pursuant to a management agreement with Alpha.
Larry Wilson, Chairman and an investor in each company, said that "the merger will be the culmination of a long term plan to ultimately combine the two companies and will allow us to streamline our oversight of all 49 stations to take advantage of the many synergies."
"We are proud to have partnered with Alpha Broadcasting over the past five years in the Portland market. This merger is the result of the Alpha team executing on its original disciplined growth plan, and we are excited to be a part of the new Alpha Media going forward," said Mark Dorman, Managing Director of Endeavour Capital.
L & L Broadcasting also announced today that it has entered into an agreement to acquire 19 radio stations from Main Line Broadcasting for $57 million. Main Line Broadcasting is headquartered in Philadelphia, and operates 19 stations in four markets including Louisville, KY; Richmond- Petersburg, VA; Dayton, OH and Hagerstown, MD-Chambersburg, PA.
L & L Broadcasting President/CEO Bob Proffitt remarked, "We’ve worked hard to maintain strong community involvement and an intimate connection with our listeners and advertisers in all of our markets, I’m confident that we’ll be able to implement our mission of live and local radio in the Main Line markets."
"I am extremely proud of all of Main Line Broadcasting’s employees who have done a phenomenal job over the years. I am pleased to have these great broadcasters now under the leadership and vision of Larry Wilson and Bob Proffitt. There’s not a better company than L&L Broadcasting to ensure this continued success," noted Main Line Broadcasting CEO, Marc Guralnick.