Fargo Radio: Jim Ingstad Shuffles His Portfolio

Ingstad (Forum)

After selling his six-station radio group here Tuesday, Jim Ingstad could have just walked the six blocks up 25th Street South to take the helm of the longtime competitor he bought hours later – a lightning-speed, three-way ownership shuffle that unfolded in the area radio industry Wednesday.

In the end, the two major commercial radio station groups in Fargo-Moorhead – headquartered just blocks apart on opposite sides of 25th Street, near The Hub – swapped an owner.

According to inforum.com the deal was finalized about midnight Tuesday.  Ingstad sold his Radio Fargo-Moorhead station cluster – which includes KFGO 790 AM – for $25 million to Midwest Communications of Wausau, Wis.

On Wednesday, the owner of the metro area’s only other six-station cluster, Triad Broadcasting, sold off 32 radio stations in five markets – including six in Fargo – to Portland, Ore., based L&L Broadcasting (Live and Local), owned by longtime radio owner Larry Wilson for $21 million.

At about noon Wednesday, L&L Broadcasting announced it would sell the six Fargo radio stations it had just officially taken over to Ingstad for $9.5 million. The sale is pending based on approval of the Federal Communications Commission but L&L said in a news release Ingstad will take immediate control of the stations under a local marketing agreement.

The deal gives Ingstad control of the stations that were owned by Triad Broadcasting: KQWB 1660 AM (True Oldies); KPFK 107.9 FM The Fox; KLTA 105.1 FM; KVOX 99.9 FM Froggy; KBMW 1450 AM; and KQWB 98.7 FM (Q98).

In addition to KFGO, the stations Ingstad sold to Midwest Communications include KVOX 740 AM The Fan; WDAY 93.7 FM Y94; KBVB 95.1 FM Bob 95; Talk KRWK 101.9 FM; and KMJO 104.7 FM.

While Ingstad, who is the son of radio pioneer Bob Ingstad, is no stranger to the radio market business, it is unclear what the station swapping could mean for on-air personalities or the station’s formats.

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Tom's Take: One would wonder why Ingstad's sale to Midwest didn't include a non-compete.