Industry News

CMG to Sell Tulsa Stations to Local Operator

Cox Media Group is agreeing to sell its Tulsa radio stations to Zoellner Media Group, a local firm led by entrepreneur and optometrist Dr. Robert H. Zoellner for an undisclosed sum. When the deal closes, Zoellner Media Group will own news/talk duo KRMG-AM/FM and three music-formatted stations. A press release from CMG notes that Zoellner is “a pillar of the Tulsa business community for nearly four decades. Widely recognized as a visionary entrepreneur and optometrist, Dr. Zoellnerimg launched his first optometry clinic in 1991. Since then, he’s built his businesses on the power of radio advertising and has long championed the value of local broadcast radio.” Dr. Zoellner states, “We’re thrilled to welcome these incredible radio stations into the Zoellner Media Group family. Radio has played a crucial role in my business success, and I have always been passionate about its ability to connect communities and drive meaningful engagement. This acquisition allows us to build upon a legacy of excellence while fostering innovation across broadcast and digital platforms. I couldn’t be more excited to get started.” Tapped to manage the station group as president and general manager is Steve Hunter, who served for 22 years as director of operations at Cox Media Group Tulsa and seven years with Griffin Media. The transaction is subject to FCC approval and is expected to close early in the second half of 2025.

Industry News

Connoisseur Media to Acquire Alpha Media’s Debt

The filing with the FCC for Connoisseur Media to acquire the radio stations and other assets of Alpha Media is now public and Jeffrey Warshaw’s Connoiusseur is not paying cash for Alpha Media; it is instead assuming the company’s debt. The complicated deal announced back on May 5 will result inimg current Alpha Media shareholders retaining their interest in the company but ceding control to Connoisseur. Under the terms of the deal, Alpha shareholders will reorganize into a new company which will become part of Connoisseur in exchange for a 3.75% equity stake in Connoisseur, plus two warrants to allow them to acquire more equity – one for 5% at $30 million valuation and the other for up to 5% at $70 million valuation. Connoisseur is acquiring new credit facilities to finance the retirement of Alpha debt plus a new, revolving credit line. Connoisseur is operating the Alpha under an LMA and when the deal closes, the new Connoisseur will own and operate 218 stations in 47 markets.