Riverfront Broadcasting's Acquisition of Connoisseur Media's South Dakota Cluster: A Local Focus and Strategic Move
Riverfront Broadcasting is set to acquire Connoisseur Media's six-station cluster in Watertown, South Dakota, marking a significant shift in the local radio landscape. This deal highlights Riverfront's commitment to local ownership and its understanding of the South Dakota market, as it expands its presence in the state.
Local Focus and Ownership
Riverfront's President, Carolyn Becker, emphasizes the importance of local ownership and focus, stating, "We are very happy to bring local ownership and local focus back to these great stations in the Watertown Market. Jeff and the Connoisseur team have taken an approach of selling to local ownership and we are grateful for the opportunity."
This acquisition aligns with Riverfront's strategy of investing in local markets, as it currently owns 21 stations across six markets in South Dakota, Minnesota, and Iowa. By taking control of these stations, Riverfront can ensure a more personalized and community-centric approach to broadcasting.
Connoisseur's Exit and Strategic Sales
Connoisseur Media's decision to exit the Watertown market is part of a broader strategy. The company has pending sales of its five stations in Brookings to local management and its pair in Madison, South Dakota, to Christensen Broadcasting. Connoisseur CEO Jeff Warshaw explains, "The Watertown market was not a market we felt Connoisseur could make a material difference in with the focus and approach we bring to radio."
Warshaw's statement highlights the company's focus on finding local operators who can better serve the communities in these markets. By selling to local management, Connoisseur ensures a more tailored and community-driven approach to radio broadcasting.
The Broker and Legal Representation
Kalil & Co. Inc. acted as the exclusive broker for this transaction, facilitating the negotiation and sale process. Legal representation was provided by Wilkinson Barker Knauer, LLP for Connoisseur Media, and Marlow, Woodward & Huff, PLLC for Riverfront Broadcasting, LLC.
Impact and Future Developments
This acquisition by Riverfront Broadcasting has implications for the Watertown market and the broader South Dakota radio industry. It reinforces the importance of local ownership and the ability to provide tailored content to the community. As Riverfront expands its presence in South Dakota, it may also influence the competitive landscape and the types of programming offered in the region.
In conclusion, Riverfront Broadcasting's acquisition of Connoisseur Media's Watertown cluster is a strategic move that emphasizes local focus and ownership. This deal not only benefits the Watertown community but also contributes to a more personalized and community-centric approach to radio broadcasting in South Dakota.
