Station group owner NRG Media has a new majority investor.
Waitt Co. and McCarthy Capital have agreed to sell their stake in the Midwest-based 45 station group to funds associated with Cyrus Capital Partners.
This marks Cyrus’ first time investing in radio.
Terms were not released, however the NRG Media management team remains in place as a “significant owner and operator” of the broadcaster, according to the announcement. NRG was formed in 2005 when New Radio Group and Waitt Media merged.
NRG President/CEI Mary Quass says the investment by Cyrus “emphasizes our groups’ commitment to deliver digital products where our listeners are, making radio relevant to a changing audience.” The investment, she said, offers NRG stability for the future with the potential to expand into new markets.
NRG Media has 45 stations, all located in the upper Midwest — Illinois, Iowa, Nebraska and Wisconsin.