The sale of Paul Allen's Rose City Radio to Larry Wilson's Alpha Broadcasting is final. With the news, Alpha's website has gone live, sporting the station group's new logo:

Wilson purchased Rose City Radio's Newsradio 750 KXL and KXTG 95.5 "The Game" for $11 million in May, and acquired the four remaining stations of CBS Radio last month for $40 million. Alpha currently operates those four stations under a local marketing agreement.

Also announced, Rose City Radio president and GM Tim McNamara is becoming director of Alpha's event sales and marketing, while RCR's Chuck Hall becomes controller.

As we first reported Friday, CBS Corp. sold its four remaining Portland radio stations to Alpha Broadcasting in a $40 million all-cash deal. Earlier this morning, CBS issued a press release:

NEW YORK, Aug 10 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE: CBS.A) (NYSE: CBS) announced today that it has signed a definitive agreement to sell four of its owned radio stations in Portland, Oregon, KINK-FM (Adult Album Alternative), KUPL-FM (Country), KUFO-FM (Active/Alternative Rock) and KCMD-AM (Talk), to Alpha Broadcasting for $40 million in cash.

"I am pleased that we were able to secure another attractive deal for our valuable radio assets," said Dan Mason, President and Chief Executive Officer, CBS RADIO. "With this sale of our Portland stations - our third deal in the past eight months for a total of twelve station sales - we're another step closer to our goal of focusing primarily on the nation's largest markets where we see the most long-term promise. The marketplace for station sales is improving, so we expect to make further progress on that goal going forward."

Larry Wilson, the Chairman and Chief Executive Officer of Alpha Broadcasting, said, "The purchase of these great stations is a perfect complement to the acquisition of news talk KXL-AM and KXTG-FM in Portland. With this dynamic cluster, Alpha will be able to serve a wide array of Portland residents. The mission of Alpha Broadcasting is to provide entertaining, informative, and compelling programming for the people of Portland, and to produce fantastic results for the Portland advertisers we serve while being upstanding citizens of the community."

The transaction is subject to customary conditions, including regulatory and other approvals.

The stations operate today as part of Alpha Broadcasting under a local marketing agreement.

CBS Radio is selling its Portland station group to Larry Wilson's Alpha Broadcasting, it was announced to staff at CBS Radio Portland this afternoon. Stations in the deal include KUPL Country 98.7, Rock 101 KUFO, 101.9 kink.fm, and KCMD 970.AM The Talker. Terms are not yet available. (Update: See below.)

In May, Wilson acquired Newsradio 750 KXL and KXTG 95.5 The Game, the stations of Paul Allen's Rose City Radio. Wilson, who founded Citadel Communications before selling it for $2 billion in 2001, told The Oregonian's Mike Rogoway in May that he would like to build a modest chain of Portland stations and expand to other Western cities. "I love the radio business, and I think the rumors of its demise are way overstated," he told Rogoway. "If it's community radio, the listenership is there."

Wilson told the now-defunct Radio & Records that he would like to build Alpha to a cash flow of $50-75 million. "I’ve always loved the Portland market," he said.

CBS announced last year it would sell 50 mid-market stations, and reaffirmed in an earnings call yesterday that it would sell "when the right deals become available." In April, CBS sold what is now K-Hits 106.7 KLTH and KXJM Jammin 107.5 to Clear Channel.

UPDATE (8/7, 5:15pm): The switch is effective Monday, when the stations will no longer be a part of CBS.

UPDATE (8/7, 6:02pm): The Oregonian's Mike Rogoway confirms the sale price at $40 million, with new quotes from Larry Wilson. "You can leverage just about any demographic," Wilson says of his new Portland portfolio. He will now own six stations in the 23rd-largest market spanning news, talk, sports, country, active rock and adult alternative.

UPDATE (8/7, 6:56pm): OMC has now learned that staff companywide received an email announcing the news, and there will be a companywide meeting Monday. Who was in any meeting today is now unclear.

OMC can confirm that there will be an internal announcement tomorrow at CBS Radio Portland. We cannot confirm the details of the announcement beyond a single source. Feel free to rumor-monger in the comments, or if you can confirm it, send in a tip. CBS Radio owns KUPL Country 98.7, Rock 101 KUFO, 101.9 kink.fm, and KCMD 970.AM The Talker.

UPDATE (7/16, 10:08am): Dave McDonald, senior vice president and market general manager for CBS Radio Portland, tells OMC, "There is no agreement in place that I am aware of. A continuation of months of unsubstantiated speculation." Rumors of a deal first appeared in the PDXRadio Forum one month ago.

In May, Larry Wilson of Alpha Broadcasting acquired Newsradio 750 KXL and KXTG 95.5 The Game, the stations of Paul Allen's Rose City Radio. Wilson, who founded Citadel Communications before selling it for $2 billion in 2001, told The Oregonian's Mike Rogoway in May that he would like to build a modest chain of Portland stations and expand to other Western cities. "I love the radio business, and I think the rumors of its demise are way overstated," he told Rogoway. "If it's community radio, the listenership is there."

Wilson told the now-defunct Radio & Records that he would like to build Alpha to a cash flow of $50-75 million. "I’ve always loved the Portland market," he said.

In April, CBS sold what is now K-Hits 106.7 KLTH and KXJM Jammin 107.5 to Clear Channel.

UPDATE (7/16, 12:05pm): We've corrected info on earlier sales to Clear Channel. KXJM was the other asset sold to CC in April. KFBW was never part of CBS Radio's portfolio.

UPDATE (7/16, 12:43pm): As pointed out in our comments, CBS said a year ago it would be selling 50 mid-market stations, with a later report singling out Baltimore, radio market #22. Portland is market #23. However, CBS Radio continues to own stations in Baltimore. It is unclear whether CBS radio's sale of mid-market stations is complete.

UPDATE (7/17, 11:50am): I checked in with my two sources who said there would be an announcement. There was none. Frustrating. Now I have to reevaluate my "two internal sources = confirmed" idea. Sorry, folks.

Later today: a few more details on the new show keeping KOIN management so secretive, plus an editor in Portland who's now writing comic books. We're working on a story about layoffs and outsourcing in Portland television, and we'll bring you that story when we have more.

And we have a new feature in the right-hand column: live stock quotes for the owners of Oregon media outlets. If you're not sure why some companies are there, CBS is for CBS Radio; Dolan Media owns The Daily Journal of Commerce; Lee owns the Albany Democrat Herald and the Gazette-Times in Corvallis, among others; while News Corp., as we reported yesterday, owns the Mail Tribune in Medford, the Ashland Daily Tidings, and, most enjoyably, Medford's the Nickel.

We lied, Press Clippings took much longer than an hour to produce. We blame our terrible, awful, slow computer.

• KMHD host Al Evans tells OMC it will be "a couple of weeks at least" before the station moves into its new studio at OPB.
• Portland Sucks calls out Matt Davis for his BlogTown post, "Rape Allegations: Another Side Effect of Big Soccer?" The Mercury's Kiala Kazebee comes to Matt's defense in the comments. Also up for Portland Sucks' wrath is KGW's Breedlove exclusive. As always, there's strong language.
• OMC reader skihoodoo sends in a photo of KGW's other Skycam in Newport at the Embarcadero resort, a followup to a story in our last Press Clippings. Skihoodoo has been doing a lot to contribute to OMC, thank you!
• A variation on an idea from @newsjunkie60 via @PortORTraffic: When an event like Wimbledon disrupts the TV schedule, why not put regular programming on a digital subchannel?
• Local blog I'm in your water offers a Portland media roundup, including former Willamette Week columnist Byron Beck calling Cort of KUFO's Cort and Fatboy "Lars Larson."
• We almost missed this: The Alliance for Community Media is holding its annual conference in Portland, discussing ways to "protect community media at the national and local levels." The event runs July 15 through 18 at the Oregon Convention Center and Doubletree Hotel.

Beyond our region:

• The climbdown is complete: Washington Post editor Katherine Weymouth has apologized over the paper's pay-for-access scandal.
• NYU's Jay Rosen notes that CNN's Reliable Sources relegated that controversy to a commentary in the final moments of the show. Howard Kurtz' status as a media critic while under the employ of two major media organizations has long been a source of its own media criticism.
• And heavy criticism doesn't always lead to apologies: Columnist Connie Schultz is more resolute than ever that her idea to ban linking and summaries of news stories is a good idea. Should Press Clippings be worried?
• If you somehow missed it over the weekend, Sarah Palin has threatened to sue bloggers and traditional media over their handling of her sudden resignation.
• Newsroom veterans may be more likely to get promotions to general manager lately.
• There's a $3 billion gap between declining TV station revenue and online ad income.
• Layoffs of copy editors mean more complaints about typos at The Washington Post.
• The Saturday Evening Post is returning to its roots, differentiating itself on the newsstand by offering more creative writing and fiction.
• The Library of Congress now offers a searchable database of news stories from 1880 to 1922.
• Web video is evolving beyond the two-minute clip.
• Instead of non-profits, The News & Observer has an idea to operate newspapers as low-profits. Insert joke here.
• Most poll respondents said they wouldn't miss their daily newspaper if it went away. I believe there was a poll to the contrary that we posted recently. Once we add tags to our old stories, that sort of thing should be easier to find.

And another big thank you to our new contributor over the weekend! Donations are all that are making this site possible. As you may have seen in our last post, we're working on ways to increase traffic so we can get some ad revenue coming in. But even then, it's unlikely to be enough to keep us afloat. The slow holiday weekend did some serious damage to our average daily visitor count. If you'd like to help us out with any amount, there's a big shiny button on the left.

This is an open thread, what's on your mind?