Stamford, CT – May 14, 2014 – Quantum Communications Corporation announced today that it has agreed to swap substantially all the assets of its 29 radio stations to Clear Channel Media and Entertainment in exchange for substantially all the assets of Aloha Trust (of which it is the beneficiary) radio stations WALK-AM/FM serving Long Island, NY. Quantum has also agreed, in a simultaneous closing, to sell the assets of WALK-AM/FM to Connoisseur Media. Both transactions are subject to Federal Communications Commission approval and other customary closing conditions.
Qantum''s radio stations include WCOD-FM, WCIB-FM, WXTK-FM and WEII-FM serving the Cape Cod, MA market; WWXM-FM, WGTR-FM, WRXZ-FM, WYNAFM and WLQB-FM serving the Myrtle Beach, SC market; WEGX-FM, WJMX-FM, WDAR-FM, WZTF-FM, WRZE-FM, WJMX-AM, WWRK-AM and WDSC-AM serving the Florence, SC market; WYNR-FM, WQGA-FM, WBGA-FM, WHFX-FM, WGIG-AM and WMOG-AM serving the Brunswick, GA market; WKKR-FM, WMXA-FM, WCJM-FM, WZMG-AM, WTLM-AM and WPLV-AM serving the Auburn, AL and West Point, GA markets.
Media Venture Partners acted as broker on the transaction.
Qantum Communications was formed by Mr. Osborn along with partners Michael Mangan and Frank Washington to acquire and operate radio stations in medium and smaller sized markets throughout the United States.
Connoisseur Media owns/operates 39 stations and is in the process of acquiring stations in Hartford, CT. Connoisseur owns WKJY (K 98.3), WBZO (B-103), WWSK (The Shark) and WHLI in the Nassau-Suffolk metro.