Eric Chandler Communications has sold KCBQ AM and FM, better known as Eagle 105, to rapidly growing Adams Communications for $23.5 million, it was announced Thursday.
Chandler Communications purchased KCBQ for $12.2 million in 1986, and promptly switched the format from country to the oldies rock 'n' roll of Eagle 105. The format is simulcast on FM (105.3) and AM (1170).
"We're going to keep the format as is," said Matt Mills, president of Adams' radio division.
Adams-owned KOOL AM and FM in Phoenix feature oldies rock formats.
"Phoenix has worked out very well for us," Mills said. "We're just real high on the San Diego market. San Diego is a growth market and we're specializing in Top 30 markets when possible."
Mills said he did not expect to make any staff changes at the station. Jim Seemiller, Adams vice president of the Western region, will oversee KCBQ from his Phoenix office, Mills said.
Founded in 1983 by Stephen Adams, Adams Communications is a national multimedia company with interests in outdoor advertising, publishing, television and radio.
The radio division, based in Clearwater, Fla., owns 10 radio stations--six FM and four AM--in Phoenix, Seattle, St. Louis, San Antonio and other mid-sized markets. Adams owns nine television stations, primarily in smaller markets.
The $23.5-million price is high for San Diego, but not unheard of, considering the current market for radio stations. Prices have skyrocketed in recent years, because of federal deregulation and a host of young companies like Adams bidding for stations.
"We feel we're paying a good premium to get into the market, but that's what you have to do to get into a good area," Mills said.
Radio stations changing owners is "something that goes on in radio," Eagle 105 General Manager Jeff Apregan said. "Radio stations have become a good investment."
KCBQ was the Los Angeles-based Chandler's only radio interest.