Radio Group Acquisition
Dubuque, Iowa/Charlotte, NC - Friday, March 30, 2012 – Beverly B. Poston, President and CEO, of Bahakel Communications, Inc., and Tom Yunt, President and CEO of Woodward Communications, Inc. (WCI), jointly announced the sale of Bahakel’s four station radio cluster in Waterloo/Cedar Falls, Iowa to WCI. Jody McCoy of Media Services Group acted as the exclusive broker for the transaction representing the seller.
Effective April 1st the addition of the Waterloo/Cedar Falls, Iowa 4-station group increases WCI’s broadcast holdings to 11 stations in the region with their other radio station cluster 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 B-2-B magazines, radio and a full-service advertising agency.
In announcing their purchase of the Waterloo/Cedar Falls group Yunt said, “We are very excited to add these outstanding stations to the Woodward Radio Group (WRG) and our “dynamic employee-owned media company,” and we look forward to the opportunity of serving the greater Waterloo/Cedar Falls communities. The stations are well positioned with their heritage and formats and have a wonderful track record in serving their valued listeners and advertisers.”
Poston said that “it is with highly mixed emotions that we 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) recently purchased an additional television station in Montgomery, AL, as well as an additional radio station for our Chattanooga cluster so this was done as some realignment of our properties. We leave Waterloo very reluctantly but 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.