Lotus Communications announced Tuesday that they have closed on the $18M acquisition of Sinclair Broadcast Group, Inc’s radio stations in the Seattle, Washington metropolitan area.
The deal includes News Radio KOMO 1000 AM & 97.7FM, KPLZ “Star” 101.5 FM, and Talk Radio KVI 570 AM.
Lotus First SVP Jim Kalmenson commented, “Today begins an exciting era as we begin working with the amazing staff at these heritage radio stations KOMO, KPLZ, and KVI. These are legendary stations which share Lotus’s vision of producing local programming to serve the community and support our hometown businesses. Seattle is home to several excellent broadcasting companies who have made this a great radio market.”
Seattle is a new market for Lotus, which focuses on the West with stations in California, Nevada, Arizona and Idaho. Seattle becomes it second largest market, trailing only Los Angeles where it is based and owns a trio of AM stations.
“We are excited to work with the amazing staff at KOMO, KPLZ, and KVI. These are legendary stations which share Lotus’s vision of producing local programming to serve the community, enhance local neighborhoods, and support our home town businesses,” said Lotus First Senior VP Jim Kalmenson. “Seattle is home to several excellent broadcasting companies who have made this a great radio market.”
Sinclair had been shopping the radio cluster, hiring Richard A. Foreman Associates to serve as its exclusive broker.
Lotus Communications says it is one of the nation’s largest privately-owned broadcasting companies. Founded in 1962 with the acquisition of Spanish station KWKW by current Chairman Howard Kalmenson, Lotus owns 44 radio stations in the Western states as well as a digital marketing entity and ecommerce sites.
Richard A. Foreman Associates, Inc initiated the transaction and acted as exclusive broker representing Sinclair Broadcast Group.
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