July 8, 2004
NextMedia Group, Inc. announced today that it has signed a definitive agreement to acquire five radio stations serving Wilmington, NC for a total purchase price of $24.5 million in cash.* The acquired stations include WAZO-FM, WRQR-FM, and WMFD-AM from Ocean Broadcasting, LLC, and WKXB-FM and WSFM-FM from Sea-Comm, Inc. NextMedia will operate these stations under a local marketing agreement, effective July 1, 2004.
In a related transaction, Sea-Comm, Inc. will be acquiring the assets of radio stations WUIN-FM from Ocean Broadcasting for $1 million. *
George Reed represented the sellers in all the transactions.
* Pending FCC Approval