MYRTLE BEACH, SC (WMBF) – Qantum Communications Corporation has agreed to swap substantially all of the assets of its 29 radio stations, including its five Myrtle Beach stations, to Clear Channel Media.
In exchange, QCC will receive substantially all the assets of Aloha Trust radio stations WALK-AM/FM, serving Long Island, New York. Qantum has also agreed to sell all assets of WALK-AM/FM to Connoisseur Media, subject to approval by the Federal Communications Commission and other customary closing conditions.
Qantum's radio stations serving the Myrtle Beach market include:
WWXM-FM – Mix 97.7FM, Hit Music
WGTR-FM – Gator 107.9, New Country
WRXZ-FM – 107.1, Rock
WYNA-FM – 104.9, BobFM, Easy Listening
WLQB-FM – 93.5, Adult Contemporary
Qantum President Frank Osborn said, "We are very proud of all that our clusters have achieved. Each cluster is the leader in its respective market and reflects the talent, dedication and hard work of local management and staff. We will miss working with them, but felt this unique transaction was in the interests of our stockholders. It is rare when you find an instance where cooperation among three companies results in higher value for all."
"We are honored to add WALK to our rapidly growing group of terrific properties," says Jeffrey D. Warshaw, CEO of Connoisseur Media. "We look forward to continuing WALK's heritage of commitment to Long Island."
Qantum Communications was formed by Frank Osborn and partners Michael Mangan and Frank Washington to acquire and operate radio stations in medium and smaller-sized markets throughout the U.S.
Qantum's other radio stations include WCOD-FM, WCIB-FM, WXTK-FM and WEII-FM serving the Cape Cod, MA market; WEGX-FM, WJMX-FM, WDAR-FM, WZTF-FM, WRZE-FM, WJMX-AM, WWRK-AM and WDSC-AM serving the Florence, SC market; WYNR-FM, WQGA-FM, WBGA-FM, WHFX-FM, WGIG-AM and WMOG-AM serving the Brunswick, GA market; WKKR-FM, WMXA-FM, WCJM-FM, WZMG-AM, WTLM-AM and WPLV-AM serving the Auburn, AL and West Point, GA markets.
Connoisseur Media owns/operates 39 stations and is in the process of acquiring stations in Hartford, CT. Connoisseur owns WKJY (K 98.3), WBZO (B-103), WWSK (The Shark) and WHLI in the Nassau-Suffolk metro.
Media Venture Partners acted as broker on the transaction.