Gap Broadcasting Group

Gap Broadcasting Group was a United States broadcasting holding group that assembled radio stations in mid-sized markets, principally across the northwestern and central southern regions of the country. In the late 2000s, the group controlled approximately 116 broadcast stations, including one low-power television station and five low-power stations, spread across 23 radio markets. Its portfolio was built largely through acquisitions from Clear Channel Communications, which was reducing its exposure to smaller and mid-sized markets. Clear Channel later became known as iHeartMedia. The group operated through several regional entities. Gap Broadcasting, subsequently known as Gap Central Broadcasting and also referred to as Gap I, was based in Dallas, Texas. It acquired stations in Arkansas, Louisiana, Oklahoma, and Texas, and its assets included the Class A low-power television station KJEF-CA in Jennings, Louisiana. GapWest Broadcasting, also called Gap II, was based in Greenwood Village, Colorado, and operated stations in markets across Idaho, Minnesota, Montana, Washington, and Wyoming. A third vehicle, Gap Broadcasting III or GAP East, was established in 2009 with the intention of acquiring stations east of the Mississippi River, but it did not ultimately complete any acquisitions. Gap's business was primarily that of a station owner and operator rather than a consumer-facing media brand. Its assets included full-power and low-power radio properties, a low-power television station, and stations operated through local marketing agreements. Shortly before the company's sale, Gap Central was pursuing the acquisition of KTXN-FM in Victoria, Texas, while programming it under a local marketing agreement. GapWest likewise programmed KLMI in Rock River, Wyoming, under a local marketing arrangement. The group was managed by Oaktree Capital Management during its ownership period. In August 2010, Townsquare Media acquired all of Gap Broadcasting Group's stations from Oaktree. That transaction ended Gap Broadcasting Group's independent existence as a station group. The available reference material does not identify a separate consumer brand, founder, public listing, current website, or continuing operations under the Gap Broadcasting Group name.

Gap Broadcasting Group emerged as a specialized United States broadcast-station holding platform during a period when large radio companies were reshaping their portfolios. Its principal strategy was to acquire stations in smaller and mid-sized markets that major broadcasters no longer considered central to their national footprint. The group was managed by Oaktree Capital Management and built much of its portfolio from stations divested by Clear Channel Communications, the company now known as iHeartMedia. The operating structure was divided geographically. Gap Broadcasting, later renamed Gap Central Broadcasting and commonly identified as Gap I, was headquartered in Dallas, Texas. It concentrated on the south-central United States, with holdings in Arkansas, Louisiana, Oklahoma, and Texas. In addition to radio assets, Gap Central owned KJEF-CA, a Class A low-power television station serving Jennings, Louisiana. The company was also involved in the proposed acquisition of KTXN-FM in Victoria, Texas; before the transaction was completed, it programmed the station under a local marketing agreement. GapWest Broadcasting, also known as Gap II, was headquartered in Greenwood Village, Colorado. Its portfolio extended across the northern and northwestern interior states, including Idaho, Minnesota, Montana, Washington, and Wyoming. GapWest's activities also included programming KLMI in Rock River, Wyoming, through a local marketing agreement. This regional division allowed the group to manage stations according to local market conditions while maintaining a common ownership and investment structure. In 2009, Gap Broadcasting III, or GAP East, was created to pursue acquisitions east of the Mississippi River. The proposed expansion did not result in completed acquisitions, so the eastern operating company remained without stations. The group's actual footprint therefore stayed concentrated in the south-central, northern, and northwestern parts of the United States. By May 2010, shortly before its sale, Gap Broadcasting Group owned approximately 116 broadcast stations across 23 radio markets. The total included one low-power television station and five low-power stations. Its portfolio reflected the group's role as an infrastructure owner and operator: the assets consisted of broadcast licenses, station facilities, programming operations, and advertising-supported local media businesses rather than a single national programming service. In August 2010, Townsquare Media acquired all of Gap Broadcasting Group's stations from Oaktree Capital Management. The purchase transferred the station portfolio to Townsquare and brought Gap Broadcasting Group's independent corporate period to a close. The available reference material does not establish a later continuation of the group under its original name, nor does it identify a founder, public listing, standalone website, or named executive leadership team.

• 2010

  Portfolio reached approximately 116 stations

  [1]Gap Broadcasting Groupen.wikipedia.org

  As of May 2010, Gap Broadcasting Group controlled approximately 116 broadcast stations across 23 radio markets, including low-power radio and television properties.

• 2010

  Townsquare Media acquisition

  [1]Gap Broadcasting Groupen.wikipedia.org

  In August 2010, Townsquare Media acquired all Gap Broadcasting Group stations from Oaktree Capital Management.

• 2009

  GAP East established

  [1]Gap Broadcasting Groupen.wikipedia.org

  Gap Broadcasting III, also known as GAP East, was formed to pursue broadcast-station acquisitions east of the Mississippi River, but it ultimately made no acquisitions.

A regional broadcast-station ownership and operating platform focused on acquiring and managing radio assets in mid-sized United States markets that larger broadcasters were exiting.

• Regional radio and television station group

  Gap Central Broadcasting

  Gap Central Broadcasting, formerly Gap Broadcasting and also known as Gap I, was the Dallas-based operating division serving the south-central United States. It owned and operated radio stations in Arkansas, Louisiana, Oklahoma, and Texas, and also owned KJEF-CA, a Class A low-power television station in Jennings, Louisiana. The division was additionally involved in local marketing and a proposed station acquisition in Victoria, Texas.

• Regional radio station group

  GapWest Broadcasting

  GapWest Broadcasting, also called Gap II, was the group's Greenwood Village, Colorado-based operating division. It assembled and managed radio properties in Idaho, Minnesota, Montana, Washington, and Wyoming. Its operations included programming KLMI in Rock River, Wyoming, under a local marketing agreement. The division's assets were transferred to Townsquare Media in 2010.

• Planned regional broadcast-station acquisition platform · 2009

  Gap Broadcasting III / GAP East

  Gap Broadcasting III, referred to as GAP East, was created in 2009 to seek station acquisitions in markets east of the Mississippi River. The expansion vehicle did not complete any acquisitions and therefore did not develop an operating station portfolio.

• 2010

  Sale of the station portfolio to Townsquare MediaM&A

  Background

  Oaktree Capital Management managed Gap Broadcasting Group after the group had assembled a large portfolio of radio and low-power broadcast properties.

  Action taken

  Townsquare Media acquired all of Gap Broadcasting Group's stations in August 2010.

  Aftermath

  The acquisition ended Gap Broadcasting Group's independent operation and transferred its station assets to Townsquare Media.

  Source

• 2009

  Attempted expansion into eastern marketsStrategy

  Background

  Gap Broadcasting created a third operating company to pursue broadcast-station acquisitions east of the Mississippi River.

  Action taken

  The company formed Gap Broadcasting III, also called GAP East, as an acquisition vehicle.

  Aftermath

  The vehicle completed no acquisitions, leaving Gap's operating footprint concentrated in western and south-central United States markets.

  Source

1. 1Gap Broadcasting Groupen.wikipedia.org