Neuhoff selling five Lafayette radio stations
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Neuhoff Family Limited Partnership is selling the assets of its five radio stations in the Greater Lafayette area to Saga Communications Inc., the company announced Tuesday.
The deal is part of a previously announced decision by Neuhoff to exit the broadcast industry after nearly 70 years.
Saga, headquartered in Grosse Pointe Farms, Michigan, will acquire WKOA-FM, WKHY-FM, WASK-FM, WXXB-FM and WASK-AM. The deal also includes translator W269DJ and associated digital assets.
Financial terms of the sale were not disclosed.
“Saga Communications will continue the stewardship of these important stations for the Lafayette market,” Neuhoff President Mike Hulvey said in a news release. “The Neuhoff Family is proud of the service provided to the community by our team and we are excited for what the future holds under their ownership.”
Saga CEO Chris Forgy said the company missed the chance to acquire the Lafayette stations when Nuehoff acquired them. He said the stations are a great fit for Saga.
“We see a lot of opportunity with these stations and this market and are pleased that the family has decided to entrust Saga with continuing these station’s long-standing heritage of serving the Greater Lafayette region,” Forgy said in Saga’s own news release.
Saga owns or operates radio stations in 27 markets, though the acquisition will be the company’s first foray into Indiana.
It was not specified if any jobs would be negatively affected by the deal.
On Feb. 1, Neuhoff announced plans to divest its entire radio group, which also includes stations in the Illinois cities of Bloomington, Danville, Decatur, and Springfield. In the same announcement, the company said it had reached a deal to sell the Danville and Decatur stations.
“We are proud of what broadcast ownership has meant to our family, our employees, and the markets we serve,” Julian Hickman, a trustee of the Nuehoff family said. “Our grandfather, Roger Neuhoff, began his ownership in the business during the mid-1950s. He loved the broadcast industry and was proud of the way our radio and television stations served their local communities.”
Neuhoff said it expects to make additional announcements regarding upcoming agreements as the radio divestiture process moves forward.