A veteran radio executive has entered into an agreement to acquire two Portland radio stations from St. Louis-based Charter Communications' chairman, billionaire Paul Allen.

Larry Wilson, through Endeavor Capital-funded Alpha Broadcasting, will buy KXL, AM 750, and KXTG, 95.5 FM, from Rose City Radio for undisclosed terms. Rose City Radio is owned by Allen, co-founder of Microsoft and owner of the Portland Trail Blazers.

Allen bought the stations in 1998 from long-time owner Les Smith, who owned KXL since 1955. Allen reportedly paid around $42 million.

Wilson founded Citadel Communications Corp., which owned and operated 205 radio stations in 42 cities when he sold it for $2 billion in 2001.

Source: Charter Communications Com