Local radio station KQJK, better known as "Jack FM", has been included in a multi-radio station swap between CBS Radio and the Clear Channel Network. The swap is part of CBS Radio's bid to shed middle market stations in favor of large market ones.
KQJK, based out of Roseville, programs the "Jack FM" format which touts the slogan "Playing What We Want". The format offers hits from the 1970's to current adult hits. The station broadcasts on 93.7 FM, and was the former KHWD before it changed format and call letters in the fall of 2005.
Clear Channel will add KQJK, to four stations it already operates in Sacramento, including KGBY-FM 92.5, KFBK-AM 1530, KHYL-FM 101.1 and KSTE-AM 650.
The swap, which must undergo regulatory approval, also satisfies U.S. Department of Justice conditions placed on Clear Channel Communications' merger with Thomas H. Lee Partners, and Bain Capital Partners. Clear Channel was bought by both entities this past July in a deal valued at $17.9 billion.
"This deal represents a financially advantageous opportunity for us to shed some of our mid-size market stations while expanding in a Top Ten market, which is our focus," said Les Moonves, president and CEO of the CBS corporation, in a written release.
As a result of the swap, Clear Channel not only gets KQJK, it will also add CBS Radio stations in Seattle, Baltimore, and Portland. In return, CBS acquires two Clear Channel stations in Houston.
Clear Channel Communications is the number one radio station owner in the U.S. It owns, operates or programs for nearly 1,200 radio stations in the U.S. and also has equity interests in 240 stations worldwide.