Miller Communications, which owns radio stations in the Upstate, sold 12 of its radio stations in Florence, Orangeburg and Sumter to Community Broadcasters and its financial partner Northwoods Ventures.
FourBridges Capital Advisors advised Miller Communications’ majority shareholders in the transaction, which was worth $2.5 million.
According to Miller Communications, since media’s deregulation in 1996, the radio industry has experienced a merger wave.
During the height of activity from 1996 to 2006, more than 20 percent of stations changed ownership per year, according to research by the University of California at Berkley.
“The Miller Communications’ purchase doubles the size of Community Broadcasters and furthers our strategic vision to grow a small-market radio group throughout the U.S.,” Jim Leven, president and CEO of Community Broadcasters, said in a release.
