November 7, 2011
Charlotte, NC, Monday, November 7, 2011 – Beverly B. Poston, President and CEO, of Bahakel Communications, Inc., and Tom Yunt, President and CEO of Woodward Communications, Inc., today jointly announced that Bahakel would sell their four station radio cluster in Waterloo, Iowa to Woodward Communications, Inc., subject to FCC approval.
Jody McCoy of our Colorado Springs office is the exclusive broker for the transaction and represents the seller.
The transfer of the licenses would increase Woodward’s broadcast holdings to 11 stations in the region with their other radio station cluster located in the Green Bay, Appleton/Oshkosh, Wisconsin markets. Woodward Communications, Inc., headquartered in Dubuque, Iowa, has six operating divisions: daily newspaper, weekly publications, commercial printing, niche magazines, radio and full-service advertising agencies.
In announcing their intent to purchase the Waterloo group, Yunt said “we are very excited about this opportunity to add these outstanding stations to our group and we look forward to the opportunity of serving the greater Waterloo/Cedar Falls communities. The stations are well positioned with their heritages and formats and have a wonderful track record in serving their listeners and advertisers.”
Greg Bell, Woodward’s Executive Vice President of Broadcasting, said “we are impressed with the staff as well as the facilities. We believe that there is very good upside potential and we look forward to working with the Waterloo team in growing with the market.”
Poston said that “it is with highly mixed emotions that we have decided to sell the stations but that the decision was made easier because of the quality company that Woodward is, the fact that it is employee-owned and their commitment to provide such excellent services to the various communities in which they operate.”
She further added “that we (Bahakel) have recently purchased an additional television station in Montgomery, AL, as well as an additional radio station for our Chattanooga cluster so this is being done as some realignment of our properties. We leave Waterloo very reluctantly but are comforted in knowing that our stations and employees will be in such wonderful hands.”
Bahakel also owns and operates six radio stations in Colorado Springs, CO and Chattanooga, TN and six television stations in Montgomery, AL (two stations); Jackson, TN; Columbia, SC, Myrtle Beach/Florence, SC, and their flagship station, WCCB-TV in Charlotte, NC.