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Greater Media Buys Three In Charlotte
BOSTON -- November 12, 2007: Greater Media has entered into a definitive agreement to buy Lincoln Financial Group's News/Talk simulcast WBT-AM & FM, and Talk/AC WLKN Charlotte, the flagship for the nationally syndicated Bob and Sheri Show, for $100 million in cash.
"Charlotte is a huge growth market and gives us a strong presence in the Southeast to balance our successful markets in the Northeast," said Greater Media President/CEO Peter Smyth. "We've met with the team in Charlotte and think they will be a great fit with the Greater Media family."
Lincoln Financial said, "The company will continue to operate and invest in its remaining radio properties to improve value and will explore options to divest those assets as market conditions dictate."
The Charlotte deal is expected to close early next year.
In other news, Lincoln Financial Group announced Monday that it has agreed to sell its three television stations in Charlotte, Richmond, and Charleston, as well as its sports syndication business, to Raycom Media for $583 million in cash.
Lincoln Financial Group announced back in June that it had hired Merrill Lynch & Co. to advise it as it explored "strategic options" for its Lincoln Financial Media division.
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