On August 30, 2013, a deal was announced in which Townsquare Media would acquire 53 Cumulus stations, including the then-KOEL-FM, for $238 million. The deal was part of Cumulus' acquisition of Dial Global; Townsquare and Dial Global are both controlled by Oaktree Capital Management.[1][2] The sale to Townsquare was completed on November 14, 2013; KOEL-FM was one of three stations (along with KCRR and KKHQ-FM) that were placed in a divestiture trust for eventual resale within two years.[3] In December 2016, the Federal Communications Commission approved Townsquare's request to reacquire the stations from the divestiture trust.[4]
On December 9, 2020, KOEL-FM and KKHQ-FM swapped frequencies, bringing the KOEL-FM call letters and the country format back to 92.3 FM after 17 years. In return, KKHQ-FM's Top 40/CHR format moved to 98.5 and rebranded as "Q98.5".[5]