Citadel broadcasting founder dials back into radio

Former radio mogul Larry Wilson continues to ease back into the broadcast spectrum through his private equity-backed Alpha Broadcasting LLC. Alpha on Thursday completed the acquisition of three Portland (OR) radio stations from CBS for $40 million. The previously announced deal follows the May acquisition of two Portland stations from Paul Allen's investment firm Vulcan Inc. for $11 million. Wilson's re-entry to radio after eight years comes as the industry is battling 20% to 30% declines in revenue with few signs of near-term recovery.