CBS Corp. has agreed to sell its three radio stations in Denver to Wilks Broadcasting for $19.5 million cash. With the deal, CBS exits the Denver market and advances the company's strategy to focus on the nation's largest markets.
The sale to Wilks is the second agreement CBS has inked to refine its portfolio since the company announced in July it would explore divesting 50 of its stations in mid-size markets. Earlier this month, CBS reached an agreement with Clear Channel to swap five mid-size market stations in Seattle, Baltimore, Portland, Ore. and Sacramento, for two large-market stations in Houston.
When the deal closes, Wilks Broadcasting will enter the Denver market with Country KWLI-FM, Adult Contemporary KIMN-FM and Classic Hits KXKL-FM.
"We continue to believe in the power and future of radio and look forward to adding Denver to our portfolio of radio broadcast stations," said Jeff Wilks, CEO of Wilks Broadcasting.
"Denver is the market where I started my career and I'm excited to come back and operate these three leading stations."