NRG Media buys Nebraska radio stations |
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Wed, 15 Aug 2007 21:04
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CEDAR RAPIDS, Iowa (AP) - NRG Media, a Cedar Rapids-based broadcasting company, said Wednesday that it has agreed to buy a cluster of five radio stations in the Lincoln, Neb., area from Triad Broadcasting Co.The stations -- KFGE, KBBK, KLNC, KLIN and KWBE -- include three music-oriented FM stations and two AM stations with news and talk formats.Triad CEO David Benjamin said in a statement that he sought a company with successful stations in comparable markets to buy the stations.NRG Media, which was founded in 2005 as a result of the merger of NewRadio Group and the radio assets of Waitt Media, operates 83 stations in Illinois, Iowa, Kansas, Minnesota, Nebraska, South Dakota and Wisconsin. Its Iowa stations are in Algona, Boone, Humboldt, Sioux Center, Spencer, Spirit Lake, Storm Lake and Webster City.The company also operates Waitt Radio Networks of Omaha.CEO Mary Quass said the Lincoln stations fit well into NRG operations from a market-size standpoint and geographically.'As we continue to grow the company, well run properties like the Triad stations in vibrant growing markets like Lincoln are exactly what NRG is targeting,' she said in a statement.The transaction is pending FCC approval and NRG will begin operating the stations under a local marketing agreement beginning Thursday.Financial details of the transaction were not released.Monterey, Calif.-based Triad was formed in July 1999. It will continue to own 34 stations in Illinois, North Dakota, Mississippi, West Virginia and Georgia.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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