Alpha Broadcasting & L & L Broadcasting have agreed to merge the companies in a two-part deal. When the deal closes, the company would become “Alpha Media.” L & L also plans to acquire Main Line Broadcasting for $57 million.
As far as the Alpha, L&L deal, the current corporate team for Alpha Broadcasting and L & L Broadcasting will remain and operate the company from the corporate headquarters in Portland, Ore., according to an announcement from Larry Wilson, who chairs and is an investor in both companies.
Alpha operates six stations in Portland while L&L operates 43 stations in seven markets, for a total of 49 facilities. L&L has been overseeing the operation of the Portland stations for the last year under a management agreement with Alpha.
Wilson said the merger will be the culmination of a long-term plan to ultimately combine the two companies “and will allow us to streamline our oversight of all 49 stations to take advantage of the many synergies.”
L & L also plans to acquire 19 radio stations from Main Line Broadcasting, bringing its eventual total to 68. Main Line is based in Philadelphia, and owns stations in in four markets including Louisville, Ky.; Richmond- Petersburg, Va.; Dayton, Ohio and Hagerstown, Md.
L & L Broadcasting President/CEO, Bob Proffitt said the company has worked hard to maintain community involvement and an intimate connection with its listeners and advertisers, and he’s confident “we’ll be able to implement our mission of live and local radio in the Main Line markets.”
Main Line Broadcasting CEO Marc Guralnick praised his employees, as well as Wilson and Profitt, and said “There’s not a better company than L&L Broadcasting to ensure this continued success.”