This is the first big group merger in awhile, since the post-Telcom Act deal frenzy died down.
NewRadio Group, LLC and Waitt Radio plan to merge, forming a new company with a combined total of nearly 90 stations and the Waitt Radio Network.
Waitt Chairman Norm Waitt will serve as chairman of the board and NRG president/CEO Mary Quass will be president/CEO of the new company, pending regulatory approval of the merger. The companies plan to begin an LMA in January.
The primary shareholders of the new company will be Waitt Media and Alta Communications, a private equity fund specializing in media investments based in Boston.
If the deal goes through Waiit believes the group will be "the premier radio group in the Midwest."
NRG is based in Cedar Rapids, Iowa and has stations in Wisconsin and Illinois. Waitt is based in Omaha, Neb. and has stations in that state, plus Iowa, Kansas, Minnesota and South Dakota.