FCC Greenlights Connoisseur's Acquisition of Alpha Media

The FCC has taken steps to facilitate this merger. On August 13, 2025, the agency approved a waiver of its local radio ownership rules, allowing Connoisseur to acquire five Alpha Media FM stations in the Tyler-Longview, Texas market—KOOI, KYKX, KKUS, KOYE, and KTLH—without divestiture. 

This waiver was necessary because the transfer exceeded the FCC’s local FM sub-cap limit by one station, a situation triggered by a recent reclassification of KOYE and KTLH as part of the Tyler-Longview market. 

The FCC granted the waiver under its “good cause” standard, citing minimal competitive harm and the preservation of stable operations in a market with 18 other licensees and 29 distinct formats. A related application to assign KTLH to a divestiture trust was dismissed as moot.

Jeffrey Warshaw

Financially, the deal involves Connoisseur refinancing and retiring Alpha’s debt, estimated at over $115 million following Alpha’s 2021 Chapter 11 bankruptcy restructuring. The transaction includes a complex stock purchase and exchange agreement where Alpha’s owners, reorganized into a holding entity called “Newco Seller,” contributed 100% of Alpha’s equity to Connoisseur in exchange for a 3.75% minority stake and two warrants for an additional 10% equity at specific valuation thresholds.

Brigade Capital Management is providing financing, with Guggenheim Securities as Alpha’s financial advisor and Wiley Rein as legal counsel.

The merger aligns Connoisseur’s community-focused approach with Alpha’s “live and local” philosophy, while integrating Alpha Digital with Connoisseur’s Ferocious Digital to enhance digital marketing capabilities. No specific details on staff retention or layoffs have been disclosed, though CEO Jeffrey Warshaw expressed enthusiasm about working with Alpha’s team. The deal reflects broader industry trends, as radio groups face financial pressures, with Alpha’s prior bankruptcy and recent layoffs underscoring the challenges.