A platform company owned by private equity firm The Wicks Group of Companies has agreed to buy three CBS radio stations for $19.5 million in cash.
Wilks Broadcast Group, established by the media-focused firm in 2004 to purchase and operate stations in mid-size US markets, will add Denver radio stations KWLI-FM, KIMN-FM and KXKL-FM to its roster of 18 stations across five markets.
KWLI specialises in country music, KIMN in adult contemporary and KXKL in “classic hits”.
The deal is subject to customary regulatory approvals.
Wilks Broadcast also owns stations in Missouri, Ohio, California, Nevada and Texas.
Based in New York, the Wicks Group focuses on selected segments of the communications, information and media industries. The firm is managing three funds, according to its website.
In August, the firm agreed a buyout of Harris Connect, a publisher of alumni directories, for an undisclosed amount.