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|Alpha Media Closes on 116 Digity Radio Stations|
The Alpha Media purchase of Digity’s radio stations has closed.
The $264 million deal results in Alpha owning 251 stations in 53 markets, the fourth largest broadcast company in the country by station count and the third largest by market count.
Alpha Media Chairman Larry Wilson said, “We are very pleased to get this remarkable transaction done resulting in making Alpha the 4th largest radio company in America. In our fold is now an exceptional stable of diversified stations and markets; bigger markets like West Palm Beach and San Jose, to smaller markets like Mason City, Iowa and Myrtle Beach, South Carolina serving not only their towns but surrounding areas and communities. It has been a tremendous pleasure to work with respected broadcaster, Dean Goodman, and his management team. We look forward to joining forces with the phenomenal people at Digity doing radio the right way.”
Goodman, the CEO of Digity, added, “I have been honored to work with the great broadcasters of Digity. They know their roots are in live and local and their future is dynamic. They will excel as individual and collective entrepreneurs with Alpha. We hand off a thriving company, up this year at top of the industry. I wish Larry, Donna, Bob and team all the best, they have assembled a great platform.”
RBC Capital Markets, LLC acted as sole financial advisor and Cooley LLP as transaction and regulatory counsel to Digity; Media Services Group’s George Reed served as broker for Alpha.