Regent Communications Inc. (ticker: RGCI, exchange: NASDAQ Stock Exchange (.O)) News Release - 8/25/2006
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Regent Communications to Divest WYNG-FM Serving Evansville, Indiana
CINCINNATI, Aug. 25 /PRNewswire-FirstCall/ -- Regent Communications, Inc. (Nasdaq: RGCI) announced today that it has entered into a definitive agreement to divest WYNG-FM serving the Evansville, Indiana market to W. Russell Withers, Jr. for $1.5 million in cash. The transaction is subject to receipt of all required regulatory approvals, which are expected to occur in the fourth quarter of 2006. At the close of the transaction, Regent will own and operate five radio stations in Evansville, Indiana.
Bill Stakelin, President and CEO of Regent, commented, "The sale of WYNG-FM is in line with our strategy to maximize the value of our assets. We intend to use the proceeds from today's divestiture and previously announced transactions to continue to reinforce our position as a leading consolidator of middle and small-sized markets. Looking ahead, we remain active in the M&A market and will continue to seek selective opportunities that will strengthen our ability to generate value for our shareholders."
John Pierce & Company, LLC was the exclusive broker in the transaction.
Regent Communications is a radio broadcasting company focused on acquiring, developing and operating radio stations in middle and small-sized markets. Upon the completion of all announced transactions, Regent will own and operate 63 stations located in 13 markets. Regent Communications, Inc. shares are traded on the Nasdaq under the symbol "RGCI."
SOURCE Regent Communications, Inc.
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Regent Communications to Divest WYNG-FM Serving Evansville, Indiana
CINCINNATI, Aug. 25 /PRNewswire-FirstCall/ -- Regent Communications, Inc. (Nasdaq: RGCI) announced today that it has entered into a definitive agreement to divest WYNG-FM serving the Evansville, Indiana market to W. Russell Withers, Jr. for $1.5 million in cash. The transaction is subject to receipt of all required regulatory approvals, which are expected to occur in the fourth quarter of 2006. At the close of the transaction, Regent will own and operate five radio stations in Evansville, Indiana.
Bill Stakelin, President and CEO of Regent, commented, "The sale of WYNG-FM is in line with our strategy to maximize the value of our assets. We intend to use the proceeds from today's divestiture and previously announced transactions to continue to reinforce our position as a leading consolidator of middle and small-sized markets. Looking ahead, we remain active in the M&A market and will continue to seek selective opportunities that will strengthen our ability to generate value for our shareholders."
John Pierce & Company, LLC was the exclusive broker in the transaction.
Regent Communications is a radio broadcasting company focused on acquiring, developing and operating radio stations in middle and small-sized markets. Upon the completion of all announced transactions, Regent will own and operate 63 stations located in 13 markets. Regent Communications, Inc. shares are traded on the Nasdaq under the symbol "RGCI."
SOURCE Regent Communications, Inc.
We are in Indiana.... And don't forget when WIFE in Indy went south, they came into E'ville and made WGBF a legend (one of the last AM Rockers that lasted five years under FM domination).... Evansville's problem is that for the most part it has gone from a three horse town to a two horse town and Regent HAD to sell 94.9 because of metro percentage of quarter hours....WBKR out of Owensboro has too much in numbers in the Evansville metro counties that caused the JD and FCC to say "Sell One, Now"... My old radio group (WAY-FM) came within days of buying 94.9 for slightly higher than Withers paid for it....But, the 50kW is locked in to the current tower site due to short spacing, unless they downgrade...The tower is rusting out and the land lease is up in a few years and the owner can ask what they want for it... Withers has alot of cash for selling the St. Louis metro properties and this will fit well with Russ and Dana's 26 other stations (Cape, Paducah, Marion-Carbondale area, Mt. Vernon and rural Evansville ADI)... WROY/WRUL came into the family within the last year or so... No format change there with Country..But, I don't think Russ would move Country with 94.9 with the oversaturation of such on his Mt. Vernon, IL WMIX-FM to the west, his WRUL-FM in Carmi to the south and competition from: WRAY-FM/Princeton, IN, WQRZ-FM & WBDC-FM Huntingburg/Jasper, IN, WFML-FM/Vincennes and WWBL-FM/Washington-Vincennes, IN nearby in the Evansville and Terre Haute ADI's...Then throw in WKDQ/WBKR and WLFW in the Owensboro/Evansville metros....I would guess a automated AC station with a live local voice or two....You also have to consider WRCY-AM/WYFX-FM in Mt. Vernon, IN and WMSK-AM/FM in Morganfield, KY doing country....I do think you will hear something on one property above real soon with a new broadcast entity....South Central is still the class of the market (though WIKY lost out to WKDQ in 12+ numbers by less than a share in the spring book)...Low turnover there, but it seems Regent is letting their higher dollar staff go, one at a time...Sounds like the home office might be considering selling the cluster here or maybe a nationwide buyout from another broadcaster is coming????? Look what Cumulus just did to Susquahana! It's real estate and not broadcasting, anymore..... 8)