Adams Radio Group is being acquired by Adams Radio Acquisition Co. LLC. The new entity is controlled by shareholders that were investors in Adams Radio Group when the group was originally formed in 2013. The Charles C. Fritz led Adams Radio Acquisition Co. LLC will acquire the company’s fifteen stations in Tallahassee FL, Fort Wayne and Northeast Indiana, and Las Cruces NM. The company will continue operating under the Adams banner. Sharon Bordwell has been retained as the new company's CFO. President and CEO Ron Stone will continue to manage the group until closing.
Stone said, "I am grateful to Steve Adams for the opportunity to build a second Adams Radio Group. I served as Steve's CFO in the original Adams Radio Corporation and had my first opportunity as a GM at KEZK St Louis. The opportunity to work with Steve a second time and build a new group was a dream come true for me. We formed Adams in 2013 and it has been an incredible experience and I have been surrounded by some of the brightest people in the business. I look forward to seeing the company continue to grow and our most dedicated staff prosper under the new ownership and leadership."
The acquisition is expected to be completed by December 31. Adams Radio owns and operates 18 stations in four markets. According to sources close to the new shareholders, plans are to continue to build upon the past ten years and add new markets as opportunities present themselves.
Stone says he expects to be busy for a few months post close wrapping up old company business and plans to take some time to assess new opportunities that will enable him to continue to make contributions to the radio industry, including continuing as President and Executive Director of the Independent Broadcasters Association.
Kalil & Co Inc. was the broker on this transaction representing Adams Radio Group.
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