Westport-based Connoisseur Media announced today that it has executed an asset exchange agreement with Cumulus Media Inc. whereby Connoisseur Media will acquire two stations in Southern Connecticut—in Westport and Bridgeport— in exchange for four stations in and around Allentown, Pennsylvania.
The stations being acquired by Connoisseur Media are licensed to Westport (WEBE-FM) and Bridgeport (WICC-AM), and the stations being traded to Cumulus Media are located in and around Allentown, Pennsylvania (WODE-FM, WWYY-FM, WEEX-AM, WTKZ-AM and translator W234AX).
The exchange is expected to close in the third quarter of 2019, pending FCC approval, an announcement said.
“As a Connecticut-based company, this transaction represents an exceptional opportunity to continue to invest in the southern part of the state and will offer more ways for us to serve our listeners, clients and community,” said Connoisseur Media CEO Jeffrey Warshaw.
“As a resident of Westport, the home to WEBE 108, I am thrilled to add these legendary stations to our Connecticut operations.”
“As a lifelong Connecticut resident and the former general sales manager of WEBE/WICC, it is my privilege to lead these stations,” said Connoisseur Media SVP/Market Manager Kristin Okesson.
“The combined reach of our portfolio will offer exciting opportunities for our partners and to the communities we serve. We are acquiring premier radio stations and a talented team which will allow us to expand our position in Fairfield County.”
Connoisseur Media has owned the Allentown stations being exchanged with Cumulus for the last six years.
Upon the closing of this asset exchange, and a previously announced asset exchange, Connoisseur Media will own and/or operate 23 radio stations in seven markets: Billings, Montana; Bridgeport, Stamford/Norwalk and New Haven; Nassau – Suffolk (Long Island); Frederick, Maryland and Stroudsburg-Wilkes-Barre, Pennsylvania.