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Townsquare Closes on Cherry Creek for $18.75 Million


Townsquare Media
Townsquare Media

Townsquare Media has closed on its previously announced acquisition of Cherry Creek Broadcasting for $18.75 million. In order to meet FCC ownership caps, Townsquare divested six stations in Missoula, MT, to Anderson Broadcasting, Legacy Broadcasting (a non-profit) and Missoula Community Radio (also a non-profit), and place two stations in Tri-Cities, WA in a divestiture trust. Townsquare will add assets including 35 local stations in nine markets, increasing its portfolio of local stations to 356 in 74 markets.

The nine markets include Butte MT, Great Falls MT, Missoula MT, Montrose CO, Sierra Vista AZ, St. George-Cedar City UT, Tri-Cities WA, Wenatchee WA and Williston ND. The transaction was funded with cash on hand.

McDermott, Will & Emery and Wilkinson Barker Knauer served respectively as transaction and FCC counsel to Townsquare in connection with the transaction. Kalil & Co., Inc. acted as broker for Cherry Creek.

In related news, longtime Cherry Creek Group PD Mark Elliott will not make the move to Townsquare. He plans to restart Mark Elliott Media, a consultancy he started in 2007 and operated until joining CCM seven years ago. His focus will be on expanding his digital outlet, Radio Espionage.

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