Digity LLC is buying 33 radio stations from NextMedia Group Inc. for an undisclosed amount.
Digity, an affiliate of Palm Beach Broadcasting LLC, is a newly-formed media company formed by GoodCo Radio LLC and Garrison Investment Group LP.
GoodCo is run my broadcast industry veteran Dean Goodman, who previously worked as executive vice president of Gilmore Broadcasting’s radio and television group and of the Pax TV network.
NextMedia has been backed by Strategic Value Partners LLC and Angelo Gordon & Co. since 2010. The companies owned NextMedia’s debt when it went into bankruptcy in 2009, and emerged from the case as equity holders. The company sold the outdoor advertising assets in 2012.
Greenwich, Conn.-based Strategic Value is a distressed investor that focuses on middle market companies. Angelo Gordon is a New York private equity firm that has about $24 billion in capital under management.
Schulte Roth & Zabel LLP, Leibowitz & Associates PA and Wilkinson Barker Nauer LLP provided legal advice to NextMedia. Dow Lohnes PLLC was Digity’s legal counsel.
The deal follows several other media transactions, including Newcastle Investment Corp.’s purchase of 33 newspapers from Newscorp., and Sinclair Broadcast Group Inc.’s (Nasdaq: SBGI) acquisition of eight television stations for $985 million.