Regent Communications Inc., a radio broadcaster that focuses on smaller media markets, agreed to buy seven stations in Louisiana from ComCorp of Lafayette Inc. for $39.6 million in cash. Regent is buying five FM stations and two AM stations in Lafayette to enter the nation's 123rd-ranked radio revenue market, the Covington, Ky.-based company said.
The acquisition is expected to be completed by the end of the year and will add to earnings in the first year, Regent said.
Regent also completed the purchase of six stations in Peoria, Ill., from Cromwell Group Inc. for $20 million. Peoria is ranked No. 143 among U.S. radio markets. When pending acquisitions have been completed, Regent will own and operate 60 radio stations in 12 markets.