EMF Acquires Woodward Spin Offs in Illinois

This article first appeared on www.rbr.com.

Woodward Communications Inc. is making significant moves in the Illinois radio market, expanding its presence in Springfield while divesting assets in Bloomington. These strategic decisions highlight the company’s commitment to strengthening its position in key markets while adhering to FCC regulations.

Springfield Acquisition

On November 14, RBR+TVBR first provided the details on a deal involving three FM stations and an AM sibling in Springfield, Illinois. This acquisition marks a substantial growth in Woodward Communications’ holdings in the area.

Divestiture to Meet FCC Regulations

To comply with current FCC local ownership limits and close the Springfield deal, Woodward Communications implemented a plan to divest WCVS-FM in Virden, Illinois. Tideline Partners was engaged as the broker for this transaction.

Educational Media Foundation Steps In

A buyer has been found for both WCVS-FM and the recently acquired WIHN-FM 96.7 in Bloomington, Illinois. Educational Media Foundation (EMF), the prominent broadcast ministry behind Worship Music Air1 and Christian Contemporary Music network KLOVE, has agreed to purchase both stations.The details of the transactions are as follows:

  • WCVS-FM: EMF is acquiring this station for $200,000. A $10,000 deposit has already been made to Woodward.
  • WIHN-FM: In a concurrent filing with the FCC, Woodward is selling this station to EMF for an additional $200,000. Again, a $10,000 deposit has been made.

Pending Divestiture

WWHX in Normal, Illinois, has been designated as a non-essential asset and is still awaiting a buyer. This divestiture is part of Woodward’s strategy to optimize its portfolio.

Advisory Role

It’s important to note that the seller, Woodward Communications, was represented by Greg Guy of Tideline Partners in these transactions. Guy provided advisory services for both the divestiture of WCVS-FM and WIHN-FM to Educational Media Foundation.

These strategic moves by Woodward Communications underscore the dynamic nature of the radio industry, where companies continually seek to optimize their portfolios and strengthen their market positions. The expansion in Springfield, coupled with the divestitures in Bloomington and Normal, reflects a calculated approach to focus resources on key growth areas while maintaining regulatory compliance.