This article has been amended to correct the spelling of Qantam Communications.
Qantum Communications is getting out of radio.
The deal announced today is a three-way station swap. Qantum says it’s agreed to swap all the assets of its 29 radio stations to Clear Channel Media and Entertainment in exchange for the assets of Aloha Trust (of which it is the beneficiary) radio stations WALK(AM/FM), Long Island, N.Y.
In a simultaneous closing, Qantum will sell WALK(AM/FM) to Connoisseur Media. Both deals are subject to FCC approval and other customary closing conditions.
Qantum President Frank Osborn formed the Stamford, Conn.-based company in 2002 with partners Michael Mangan and Frank Washington to acquire and operate radio stations in medium- and small-sized markets. Osborn founded Aurora Communications previously and worked for Capstar Broadcasting before that. After first serving in the Navy, Osborn began his broadcasting career in 1978 as vice president of Finance for NBC Radio and then became vice president and general manager of WYNY(FM), New York, in 1981.
Of the three-way swap, Osborn characterized each cluster as the leader in its market and said the timing of the deal is right, noting the agreement is in the interests of the stockholders. “It’s rare when you find an instance where cooperation among three companies results in higher value for all.”
Qantum’s radio stations include WCOD(FM), WCIB(FM), WXTK(FM) and WEII(FM), Cape Cod, Mass.; WWXM(FM), WGTR(FM), WRXZ(FM), WYNA(FM) and WLQB(FM), Myrtle Beach, S.C.; WEGX(FM), WJMX(FM), WDAR(FM), WZTF(FM), WRZE(FM), WJMX(AM), WWRK(AM) and WDSC(AM), Florence, S.C.; WYNR(FM), WQGA(FM), WBGA(FM), WHFX(FM), WGIG(AM) and WMOG(AM), Brunswick, Ga. The company also owns WKKR(FM), WMXA(FM), WCJM(FM), WZMG(AM), WTLM(AM) and WPLV(AM) serving the Auburn, Ala. and West Point, Ga. markets.
Media Venture Partners brokered the transaction.
Connoisseur Media owns/operates 39 stations and is in the process of acquiring stations in Hartford, Conn. Connoisseur owns WKJY(FM), WBZO(FM), WWSK(FM) and WHLI(AM) in the Nassau-Suffolk, N.Y., metro.
