Qantum Communications Corporation Announces Agreement to Swap Assets of Radio Stations
STAMFORD, CT May 14, 2014 Qantum Communications Corporation announced today that it has agreed to swap substantially all the assets of its 29 radio stations to Clear Channel Media and Entertainment in exchange for substantially all the assets of Aloha Trust (of which it is the beneficiary) radio stations WALK-AM/FM serving Long Island, NY. Qantum has also agreed, in a simultaneous closing, to sell the assets of WALK-AM/FM to Connoisseur Media. Both transactions are subject to Federal Communications Commission approval and other customary closing conditions.
Qantum’s radio stations include WCOD-FM, WCIB-FM, WXTK-FM and WEII-FM serving the Cape Cod, MA market; WWXM-FM, WGTR-FM, WRXZ-FM, WYNA-FM and WLQB-FM serving the Myrtle Beach, SC market; WEGX-FM, WJMX-FM, WDAR-FM, WZTF-FM, WRZE-FM, WJMX-AM, WWRK-AM and WDSC-AM serving the Florence, SC market; WYNR-FM, WQGA-FM, WBGA-FM, WHFX-FM, WGIG-AM and WMOG-AM serving the Brunswick, GA market; WKKR-FM, WMXA-FM, WCJM-FM, WZMG-AM, WTLM-AM and WPLV-AM serving the Auburn, AL and West Point, GA markets.
Qantum President Frank Osborn said, “We are very proud of all that our clusters have achieved. Each cluster is the leader in its respective market and reflects the talent, dedication and hard work of local management and staff. We will miss working with them, but felt this unique transaction was in the interests of our stockholders. It is rare when you find an instance where cooperation among three companies results in higher value for all.”
“We are honored to add WALK to our rapidly growing group of terrific properties” says Jeffrey D. Warshaw CEO of Connoisseur Media. “We look forward to continuing WALK’s heritage of commitment to Long Island.”
Media Venture Partners acted as broker on the transaction.
Qantum Communications was formed by Mr. Osborn along with partners Michael Mangan and Frank Washington to acquire and operate radio stations in medium and smaller sized markets throughout the United States.
Connoisseur Media owns/operates 39 stations and is in the process of acquiring stations in Hartford, CT. ¬†Connoisseur owns WKJY (K 98.3), WBZO (B-103), WWSK (The Shark) and WHLI in the Nassau-Suffolk metro.
Chief Financial Officer
Qantum Communications Corporation
Chief Executive Officer
Connoisseur Media LLC