Fresno's Peak Broadcasting, which owns stations in Fresno and Boise, has changed hands in a complex deal involving some of the nation's biggest radio station owners and operators.
The Fresno-based company was acquired by Connecticut-based Townsquare Media in a deal announced today. Townsquare in-turn swapped Peak's five Fresno stations (including KMJ) to Atlanta-based Cumulus Media, in exchange for 15 other stations in smaller markets. The Boise stations owned formerly owned by Peak will remain with Townsquare.
The complex deal also has Townsquare purchasing 53 other stations from Cumulus, which had claimed to be the nation's second largest local radio station group. At the same time as these station transactions, Cumulus announced that it is purchasing radio syndication giant Dial Global, which has broadcast syndication rights to the NFL, NASCAR, AP Radio News, NBC News and others. The deal with Dial Global is valued at $260 million.
In a statement, Cumulus CEO Lew Dickey said the transactions will help Cumulus strengthen its position in larger markets. Most of the stations it sold to Townsquare are in smaller communities. “Our goal is to be the leading producer of premium audio content distributed through multiple platforms while continuing to build our broadcast platform in the top 100 U.S. markets.” Fresno is market number 68 nationwide.
In January 2012, Peak Broadcasting filed for Chapter 11 bankruptcy protection. It emerged months later with new financing in place. Peak owned and operated Fresno stations including KMJ AM & KMJ FM, KSKS (Kiss Country), KMGV (Mega) and KWYE (Y-101).