GM Gets Majority Stake in NE Iowa Radio Stations as Wennes Exits

The general manager of a group of radio stations in northeastern Iowa is increasing his stake in the company to a majority interest as longtime owner Greg Wennes exits the company.

Wennes will receive $2.5 million for giving up his 69% stake in Wennes Communications Stations.

The company owns KNEI-FM/103.5 (Waukon), KDHK/100.5 (Decorah), KVIK/104.7 (Decorah), KDEC/1240 (Decorah), KDEC translator K235CT/94.9 (Decorah), and KDHK-HD2 translator K256CS/99.1 (Waukon).

A deal filed with the FCC calls for General Manager Les Askelson’s share of the company to increase from 25% to 69%. Meanwhile, existing members Casey Varpness and Peter Wennes will each increase their interest, with Varpness going from 5% to 15% and Peter Wennes going from 2% to 12%, and Patrick O’Shea and Ryan Tyler will both become new members with 2% of the company apiece.

O’Shea and Tyler are sales representatives at the stations, while Varpness is the office manager and Peter Wennes is program director and on-air host for KDHK and KVIK. Besides being GM, Askelson is also morning co-host on KVIK.

According to his KNEI bio, Greg Wennes began his radio career at KNEI in 1967 and bought the station in 2002 after working at and owning several other regional stations. He also owned KVIK from 1994 to 1996 and bought it back as part of the KNEI deal, and added KDEC and KDHK in 2019.