KOEL-FM (branded as K98.5) is a radio station serving Waterloo, Cedar Falls, and surrounding cities with a modern country format. This station broadcasts on FM frequency 98.5 MHz and is under ownership of a divestiture trust for Townsquare Media. KOEL used to be broadcast on the FM frequency of 92.3 while 98.5 was then known as KKCV "The Hog". The change came on the heels of a Cumulus Media reshuffling of station/format resources.
On August 30, 2013, a deal was announced in which Townsquare Media would acquire 53 Cumulus stations, including KOEL-FM, for $238 million. The deal is part of Cumulus' acquisition of Dial Global; Townsquare and Dial Global are both controlled by Oaktree Capital Management. The sale to Townsquare was completed on November 14, 2013; KOEL-FM is one of three stations (along with KCRR and KKHQ-FM) that have been placed in a divestiture trust for eventual resale within two years.