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Saga Divests Two TV Markets, Enters Charleston SC

Saga Communications has agreed to sell the company's television stations in the Joplin, MO-Pittsburg, KS and Victoria, TX to the Evening Telegram Company (dba Morgan Murphy Media) $66.6 million. Concurrently, Saga announced the purchase of WCKN-FM, WMXZ-FM, WXST-FM, WAVF-FM, WSPO-AM, W261DG and W257BQ, serving Charleston, SC and WVSC-FM, WLHH-FM, WALI-FM, W256CB and W293BZ, serving Hilton Head and Beaufort, SC, from Apex Media Corporation for $23 million.

Saga President/CEO Edward K. Christian said, "We've had the great pleasure of owning KOAM in Joplin since 1994 and KAVU in Victoria since 1999. It has been a great experience for us to serve both communities with terrific television stations that focused heavily on the local markets. We made a very difficult decision that with all the changes taking place in the television industry that it was time for us to return to our roots in radio."

He continued, "The Charleston stations are heritage radio stations that are very tightly focused on serving their local communities. Southern Living Magazine named Charleston the South's Best City. The Hilton Head/Beaufort stations serve a regional market that will give us very strong development opportunities. Southern Living Magazine named Beaufort the South's Best Small Town. We look forward to working with the existing staff to continue to serve these growing communities with great radio stations. Saga intends to continue building its business in radio by continuing to identify and acquire middle market stations."

Saga expects to close both transactions, subject to the approval of the FCC, in September.

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Chuck Powell
Chuck Powell
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