Wilks Broadcast Group LLC, a platform acquisition company of The Wicks Group of Cos., has acquired three Denver-area radio stations from CBS Corp. The deal was valued at $19.5 million in cash, and included KWLI-FM, KIMN-FM and KXKL-FM. In early 2007, Wilks Broadcast bought seven stations from CBS in Kansas City and Columbus, Ohio, for $138 million.
CBS Corporation (NYSE: CBS and CBS.A) today announced that it has completed the previously announced sale of three radio stations in Denver, KWLI-FM, KIMN-FM and KXKL-FM, to Wilks Broadcasting for $19.5 million in cash.
About CBS Corporation
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW – a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime Networks and CBS College Sports Network), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products), video/DVD (CBS Home Entertainment), in-store media (CBS Outernet) and motion pictures (CBS Films). For more information, log on to www.cbscorporation.com.
About Wilks Broadcasting
Wilks Broadcasting is a radio broadcasting company established as a platform to acquire and operate stations in attractive mid-size U.S. markets. Its current portfolio consists of 18 FM stations across five markets that include Kansas City, MO, Columbus, OH, Fresno, CA, Reno, NV and Lubbock, TX. Wilks is an affiliate of The Wicks Group of Companies, L.L.C., a private equity firm focused on investing in selected segments of the communications, information and media industries, including numerous transactions in the radio and television broadcasting sectors. For more information on Wilks, please visit www.wilksbroadcastgroup.com.