NO DEAL: CC searches for new Twin, IF buyer
Don Day | August 8, 2007One of the first deals announced to purchase Clear Channel clusters came from Blue Point Media. As we began the month of August, CC still owned the 40 or so properties Blue Point promised to buy (by comparison, the Peak Broadcasting/Boise deal was announced after the Blue Point transaction – and wrapped up more than a month ago). Now comes word that the sale has unraveled. R&R says staff in Twin Falls and Idaho Falls were briefed today. The site has a memo from company CFO Jerry Kingston:
As you know, we previously entered into an agreement to sell the stations, and the sale was approved by the FCC. Unfortunately, the sale was not completed. As is the case sometimes, not all buyers are able to complete their purchase, and not every sale is finalized.
However, we intend to move promptly to identify a new buyer. In doing so, we will contact you soon for updated market information and ask that you respond on an expedited basis.
We are continuing to make every effort to identify the best buyer for your stations, and, until sold, your stations remain an important part of the Clear Channel group.
The reason for Blue Point’s inability to complete the deal is unknown…
Update:CC’s Idaho Falls cluster includes stations in Pocatello as well of course.
I hear Riverbend (Frank Vander Sloot) out of Blackfoot is looking into the Twin Falls cluster. Get ready for multi-level Melaleucca radio! (He is CEO of that company) LOL
This also includes the Montana and Wyoming stations. Chris Devine has recently had trouble with some of his other companies, including defaulting on a CP in South Dakota.
His College Creek and Mill Creek divisions in SLC went belly up and are seeking bankruptcy.
Didnt college creek have an interest in trying to change KQFC’s frequency in order to increase a power level on their stations….?
Well now these stations know what change is all about. See there are other stations that are not, stable???
Uh..Dee you comment made no sense. The stations are stable and doing better then ever as we can see today..it’s the buyer that wasn’t.