5-1-13
Fargo, North Dakota, has become a hotbed of radio dealmaking activity. The industry was already in disbelief over the multiple (said to be somewhere around six) that Larry Wilson paid for Triad. Now, in a matter of hours, he's figured out a way to get nearly half his $21 million back. Immediately after L&L Broadcasting closed on the 30-station $21 million purchase of Triad, the Fargo cluster was sold to Jim Ingstad for $9.5 million. Ingstad recently sold his cluster of six stations to Duke Wright's Midwest Communications for $25 million.
Wilson said, "Strategically the sale of our Fargo stations makes a lot of sense for us and we are very happy that we were able to sell them to a local broadcaster with a long track record of success in the radio business.? Ingstad will LMA the L&L stations immediately.
Instad said, ?I am very happy to be able to continue my radio station involvement in Fargo.? The stations Ingstad sold to Midwest Communications are: Talk KFGO-AM, Top 40 WDAY-FM, Country KBVB-FM, Classic Hits KMJO-FM, Sports KVOX-AM, and Classic Rocker KRWK-FM.
(5/3/2013 6:22:41 PM)
If I had to guess "G", I'd say the bush league folks over at Midwest worked it out with Jim before-hand. :)
(5/3/2013 8:02:30 AM)
North Dakota's Right to Work law Have Made Non Compete agreements tricky. That
May explain what happened. Could also be there was a verbal b tween Ingstad and Midwest that, I may buy another Group in Fargo so If you want these stations thats My deal!>
(5/2/2013 9:22:15 PM)
Or brilliant!
(5/2/2013 9:28:11 AM)
Did someone forget to get their non-compete covenant? Or was that an "extra" expense that was declined? Bush League!!!
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