Since he was 13 years of age, operating a radio station out of his basement Tony Richards has been passionate about this business. Yesterday, Richards was able to take another big step in his radio career by purchasing a station. He picked up WFGZ-FM in Lobelville, TN from Grace Broadcasting. The sale price was $1,825,000. Richards will continue in his role as COO of Federated Media stating "I love this company. John and Alec Dille have been very supportive of my interest in ownership."
When the deal was announced, Richards wanted his "folks to know that I'm not going anywhere. Federated Media is evolving into a diverse collection of companies that excel in broadcasting, social media, outdoor advertising, interactive and mobile marketing. My entrance into broadcast ownership is a natural progression and fits perfectly with our current business model. I only hope we can fill the staff in Nashville with the kind of talent we have at all of our current stations in Indiana."
Richards told Radio Ink last night, "I believe this business still has a bright future. I never really had an interest in ownership when multiples were getting out of hand. Too many people paid too much for too long. But in the last few years my interest in ownership increased and this turned out to be the right opportunity."
The primary market for WFGZ-FM after its C.P. is licensed, will be Bellevue, Tennessee; Nashville, Tennessee; and surrounding area. Richards formed Kensington Digital Media. The new company will fly under the Federated Media flag which includes: Pathfinder Communications, Talking Stick Communications, Federated Interactive and OnDisplay Advertising. Ed Henson of Henson Media, Inc. served as the exclusive broker.
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