Twin Ports radio stations being sold
The Shockley Communications Corporation which owns and operates six radio stations in the Twin Ports area is being sold to a holding company. Terry K. Shockley, president and co-founder of the Madison, Wis. based corporation, confirmed the agreem...
The Shockley Communications Corporation which owns and operates six radio stations in the Twin Ports area is being sold to a holding company.
Terry K. Shockley, president and co-founder of the Madison, Wis. based corporation, confirmed the agreement Wednesday afternoon.
The corporation has an agreement to sell its issued and outstanding shares of stock to Northern Communications Acquisition Corporation.
Northern is the investment vehicle of a closely held investment group represented by Roger Ohlrich.
The sale, subject to approval by the Federal Communications Commission and the Federal Trade Commission, is expected to be completed by late spring.
"The sale of stock provides shareholder liquidity for investors who have been loyal and supportive of Shockley Communications Corporation," said Terry Shockley. As a privately held company , we are fortunate to enter this transaction with Northern Communications Acquisition Corporation."
"We have enjoyed marvelous growth, while serving our communities of license with great pride and satisfaction," he said. "Our employees have embraced change enabling our company to be positioned for the digital age of communications."
Terry and Sandy Shockley co-founded the company in 1985. They entered the Duluth/Superior market in 1986. In 1988 Shockley purchased KDAL AM and FM.
In 1996 the company added KRBR, WDSM and KTCO. That same year Shockley acquired KXTP which is now Radio Disney. Th company shook up the Twin Ports media market when it acquired those stations from local ownership.
The company employ about 300 full-time and 75 part-time workers at its facilities in Minnesota and Wisconsin. Local employees were informed about the planned sale on Wednesday. Requests for additional information were referred to general manager Deb Messer in Duluth, who could not be reached for comment.
The company also has five ABC affiliated TV stations, one FOX station, one HDTV station, three WB cable stations and two production facilities which make videos and commercials.
The FOX station and one cable affiliate are located in Rochester. The other TV operations and the production facilities are in Wisconsin.