STURGIS | HomeSlice Media Group, LLC announced Monday morning that it has entered into a Binding Asset Purchase Agreement with Gray Television to purchase all of the radio station assets of Rushmore Media Company, a subsidiary of Schurz Communications, Inc.
The acquisition includes 98.7 KAT Country, 100.3 The Fox, 93.9 The Mix, and Hot 93.1. Last year, HomeSlice purchased radio stations KBHB, The Big 81 and Smash Hits, KKLS from Rushmore, so the deal reunites the cluster.
Earlier this year, Gray Television announced that it had struck an agreement to purchase all of the radio and television assets of Schurz Communications, Inc., which includes Rushmore Media Company, owner of the radio stations and KOTA-TV. Gray already operates KEVN-TV and ultimately decided to divest all of the radio stations contemplated in the deal with Schurz, bringing about the HomeSlice purchase.
“I congratulate Dean Kinney and the HomeSlice Group on their purchase of Rushmore Media Company’s radio stations,” commented longtime Rushmore Media President and General Manager, Lia Green. "With this purchase, HomeSlice Group is getting a strong and winning group of market-leading stations.”
Green said, “Dean is well-aware that top notch people and an unwavering commitment to community and localism are key to his continuing success. Our radio stations, their listeners and customers will be in good hands. I am pleased and proud to have them delivered to a true radio professional.”
“We thought this was a once-in-a-generation opportunity, not only to reunite these great stations, but to have a chance to add this talent pool to our team,” explained HomeSlice CEO Dean Kinney. “Lia has assembled a stellar group of people on all sides of the operation. They share our commitment to live and local. Among the many things I learned from Schurz, was to purchase the best group of stations you can find, and it guided our decision to actively pursue this acquisition. Lia Green is a treasured mentor and friend. I also want to thank Kevin Latek at Gray Television and Marci Burdick at Schurz,” Kinney concluded.
In addition to the radio stations, HomeSlice also owns and operates other local businesses including an artist management firm, a creative services business, a concert management company, and a popular restaurant and live music venue. HomeSlice is based in Sturgis, but emphasized that the radio stations will remain in Rapid City. The transaction will close simultaneously with the Gray/Schurz transaction, which is expected to close late this year or first quarter of 2016.