POTOMAC, Md., April 2, 2013 /PRNewswire-iReach/ — A new Mid-Atlantic radio broadcasting company has signed its first acquisition.

Spectrum Radio Group LLC, through its affiliate, Spectrum Radio Fairmont LLC, has filed its Asset Purchase Agreement with the FCC for its purchase of Fantasia Broadcasting Inc. licenses.

The Fanatasia Broadcasting cluster broadcasts in the Morgantown–Clarksburg–Fairmont WV markets.

According to managing member Robert “Woody” Woodward, “This is a fantastic start on the road to acquiring additional mid-market radio station assets and other market clusters to our new broadcast company.”

“The mid-market radio broadcast equity and capital markets are acknowledging the untapped value of broradcast assets after struggling through the operating challenges of the recent lackluster economy,” notes co-managing member Alan Michaels.

Both Woodward and Michaels assert that mid-market radio is a local medium and possibly the most important media outlet for vital local news content and breaking news as the amount of time in vehicles to commute and travel is ever-increasing.

“National and local news reporting mixed with market-directed entertainment content continues to be in demand. And advertisers will continue to need to reach these listeners.” observes Michaels.

Woodward adds, “We expect the exit strategies to be strong as we successfully bolster broadcast earnings. We also see increasing interest from private and institutional investors.”

Prior to this acquisition, Bob Woodward led successful start-up radio stations in the Cayman Islands as well as servin as Vice President and Market Manager for Hamptons Radio Group, Connoisseur Communications, Granum Communications and US Radio Group. Additionally, Woodward has decades of major market broadcast management experience including the Washington, DC and Philadelphia markets.

Alan Michaels‘ background includes extensive and diverse experience in equity and finance, real estate development and marketing for the companies he has founded.

Visit Radio Advertising Bureau to learn more about the issues broadcasters and advertisers are facing as they adapt and change with market demands.

For Further Information

Media Contact: Alan Michaels, Spectrum Radio Group LLC, 301 802-1250, alan.michaels@spectrumradiogroup.com

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SOURCE Spectrum Radio Group LLC