Townsquare Media will acquire Cherry Creek Broadcasting in an $18.7 million deal announced on Thursday.
Cherry Creek Broadcasting owns 12 stations in Missoula, according to Radio Insight. It also owns eight stations in Great Falls and four stations in Butte.
Due to ownership limitations set by the Federal Communications Commission, Townsquare will divest six radio stations in Missoula to Anderson Broadcasting, Legacy Broadcasting and Missoula Community Radio. The six impacted stations haven’t been disclosed.
Two other stations in the Tri-Cities of Washington will also be placed into a divestiture trust, according to the announcement.
“We are very excited to announce the acquisition of Cherry Creek’s market leading local media brands. The acquisition includes many local heritage brands with strong competitive positions, meaningful audience share, and very talented local teams,” Townsquare CEO Bill Wilson said in a statement.
Through the acquisition and divestitures, Townsquare will add 35 local radio stations in nine markets, including Missoula, Butte and Great Falls, along with stations in Colorado, Arizona, Utah, Washington and North Dakota.
The transaction is expected to close in the third quarter of this year pending regulatory approval.