Envision Inc. announced today that a newly formed subsidiary, Envision Broadcast Network LLC, has agreed to purchase the radio station assets of KFTI 92.3 FM in Newton/Wichita, Kan., from Journal Broadcast Group, Inc., a subsidiary of Journal Communications, Inc. (NYSE: JRN). KFTI is a 100,000-watt station with a country music format and broadcasts to the Wichita metropolitan area, as well as to Hutchinson and McPherson, Kan.
We are very excited to be adding a new dimension to our organization as we enter the world of broadcast communications, said Michael Monteferrante, CEO/President of Envision.
KFTI represents our latest success in diversifying our operations and strengthening our resources. We’re gaining a new revenue stream for funding our programs, new job opportunities for those we serve and a valuable communications vehicle through which we and other organizations can reach audiences. We look forward to making this new venture a key asset to Envision’s community and the Wichita community at large.
In August, Journal Broadcast Group agreed to sell one of its Wichita radio stations to comply with ownership limits as a result of its merger with E.W. Scripps, which was announced in July.
I am so impressed with the work Envision does in the Wichita community, and am gratified that this station will enable them to further their important mission, agreed Steve Wexler, EVP/Radio for Journal Broadcast Group.
Envision’s Vice President of Corporate Development & Strategy, Heather Hogan, will lead a team in developing the framework for operating the radio station. Chief among their initial actions will be defining employment opportunities for individuals who are blind or visually impaired and, determining how best to maximize the value of Envision’s newest asset.
Owning a radio station affords many opportunities to enhance some of the ways we already realize our mission and explore new directions in which to pursue it, Hogan said.
It creates a unique experiential training opportunity for blind and visually impaired individuals, a perfect staging ground for broadcasting our message, and the chance to forge stronger bonds with other agencies as we help them reach their audiences and initiate new collaborative opportunities. We are going full-steam ahead in exploring how to capitalize on this acquisition to enhance every aspect of what we do.
The transaction is expected to close this year after approval by the Federal Communications Commission (FCC). Terms are not being disclosed. All non-media inquiries should be directed to Radio@envisionus.com.
About Journal Broadcast Group
Journal Broadcast Group owns and operates or provides services to 14 television stations and 35 radio stations in 11 states. Headquartered in Milwaukee, Wisconsin, it is the broadcast business of Journal Communications Inc. (NYSE: JRN), a diversified media company with operations in publishing, television and radio broadcasting, and digital media. Learn more at www.journalcommunications.com.