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Regent to Gain CBS Radio Buffalo Assets

Regent to Gain CBS Radio Buffalo Assets

Regent Communications has signed an agreement to buy four FMs and one AM in Buffalo, N.Y., from CBS Radio.
Regent is paying $125 million in cash and expects the deal to close in the fourth quarter. Once that happens, Regent will have 68 stations in 14 markets.
The broadcaster specializes in small to medium-size markets and intends to begin operating the Buffalo stations — WBLK(FM), WBUF(FM), WJYE(FM), WYRK(FM) and WECK(AM) — through a local marketing agreement in October.
Regent said the deal expands and solidifies its operating footprint in upstate New York. Regent will own 19 radio stations in that area, including stations in the Buffalo, Albany, Utica/Rome and Watertown markets.
Banc of America Securities is arranging financing through $240 million of senior credit facilities.