NNB Spins Off Billings Group to CEO Pete Benedetti
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New Northwest Broadcasters, headed by President/CEO Pete Benedetti (pictured) since 2002, said Monday that NNB would sell its 5-station cluster in Billings, MT, to a new company, BMG Billings, headed by Benedetti. Terms were not disclosed. Concurrently, Benedetti has resigned his post as NNB's CEO. Executive VP/CFO Trila Bumstead is elevated to CEO. BMG Billings will begin operating the stations under a Local Marketing Agreement on May 1.
Commenting on the deal Benedetti said, "This is a deal that that we have been discussing for awhile now and one that truly works for all parties. I am leaving on great terms and look forward to fulfilling my dream of founding my own company and building from the ground up. I would like to thank and acknowledge the entire team at NNB for their dedication and hard work."
The 20-year radio vet continued, "I'm delighted for both Trila and for NNB that Trila will be succeeding me as CEO. That was an important part of this plan. The continuity will be good and she deserves the opportunity. At the same time, I am excited to move onto the challenge of building a brand new company."
Bumstead added, "After 10 years of service here at NNB I'm excited to take on the role as CEO. Since I joined NNB in early 1999, I have had the privilege to work with incredible people in all facets of radio. I wanted to thank Pete for his mentoring over the years and know he will be successful in this new business venture."
Included in the deal are Classic Country KGHL-AM (790), Country KGHL-FM (98.5), Sports KQBL-FM (105.1) CHR KRSQ-FM (101.9) and Classic Rock KPRM-FM.
NNB, based in Seattle, will own 31 stations in 6 markets; Yakima and Tri-Cities, WA; Anchorage and Fairbanks, AK; Klamath Falls and Astoria, OR. Advisory services were provided by Kalil & Co.