For broadcasters, this is another clear sign that ownership limits are under pressure at the FCC, and Connoisseur Media is acting like the rules may keep loosening. The company has now closed on its purchase of four Bonneville International stations in the Bay Area after securing a local radio rule waiver that prevented a required divestiture.
Bay Area footprint gets larger
The $10 million deal adds 96.5 KOIT, 99.7 NOW (KMVQ), and KBLX in San Francisco, along with their FM boosters, plus Classic Rock K-Fox 98.5 (KUFX) in San Jose to the Connoisseur portfolio. Those stations will be paired with the Bay Area cluster Connoisseur built through its debt assumption-driven merger with Alpha Media: Mix 106.5 (KEZR) and Bay Country (KBAY) in San Jose, along with 95.3 KUIC and 101.7 KKIQ in the East Bay.
FCC waiver keeps the deal intact
The waiver was needed to avoid a divestiture under current local radio ownership rules. In its filing, Connoisseur said its San Francisco-Oakland revenue share would rise to 15.3% from 2.2%, still below the shares held by both Audacy and iHeartMedia.
Warshaw pushes the limits again
Connoisseur Jeff Warshaw has shown a willingness to test current ownership boundaries as the company expands its national footprint. Last month, Radio Ink reported that Connoisseur is seeking a more aggressive waiver in Lincoln, NE, where it wants FCC approval to own all 11 commercially rated stations in the market after a deal to acquire NRG Media’s local cluster.
The FCC has not yet issued a decision on its 2022 Quadrennial Review, which could revise or relax local ownership caps. Bonneville was represented by Kalil & Co. as broker of record, with David O’Connor of Wilkinson Barker Knauer LLP as legal counsel, while David Oxenford represented Connoisseur.
What to watch next: the FCC’s decision on its 2022 Quadrennial Review and whether Connoisseur gets approval for its Lincoln waiver request.
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