WVJT, LLC To Purchase WVMP-FM From Community Media Group, LLC (Press Release)

WVJT, LLC has entered into an agreement* to purchase WVMP (FM) in Roanoke, VA, from Community Media Group, LLC. The buyer is headed by Todd Robinson, who owns radio stations in Lynchburg, Bedford, Covington, Clifton Forge and Lewisburg West Virginia. The seller is headed by Dr. William E. Amos, who holds no other broadcast interests, but will become a shareholder of Community Media Group upon the closing of the transaction. WVMP will continue to be located at the Patrick Henry Hotel. 

WVJT, LLC began operating WVMP on August 1, 2016, under a local marketing agreement. According to Todd Robinson, "Our group is excited to become a part of such a wonderful community (Roanoke area) and look forward to continuing and expanding the fine broadcast services started by Dr. Amos and his very capable staff." 

According to Dr. Amos, "My workload as CTO of Meridium and other software ventures has increased. This month we will release a new version of our software and I need to spend more time working with Meridium customers and project teams making the transition to the new product line. I'm excited to be a shareholder of Todd's company and will assist as required. Being a shareholder of the group was important to me continue to promote the local market." He went on to say, "I'm quite proud of the gains the station has made over the past eight months in terms of revenue and improved signal. It's good to leave the station on an up note. The entire staff has done a remarkable job and I can't wait to see the impact of WVMP being affiliated with a group that provides complete market coverage." 

The purchase price is $600,000. 

George Reed of Media Services Group represented the Seller in this transaction. 

*Pending FCC Approval 

NJ Broadcasting, LLC Closes on WWRL-AM In New York City (Press Release)

NJ Broadcasting, LLC, owned by Dr. Nimisha Shukla, closed on the purchase of WWRL-AM, New York City, from Access.1 Communications Corp. Access.1 is headed by Chesley Maddox-Dorsey. The station has been operated by NJ Broadcasting under an LMA since February 1. The purchase price was $7,000,000. 

WWRL-AM, 1600 kHz, programs for the large South Asian Community located throughout the Tri-State Area. Dr. Shukla, a Pediatric Physician, also owns 7 Days Pediatrics, located in Edison, New Jersey.

Tom McKinley and George Reed of Media Services Group represented the seller in this transaction.

Alpha Media Closes on 116 Digity Radio Stations (Press Release)

The Alpha Media purchase of Digity’s radio stations has closed.

The $264 million deal results in Alpha owning 251 stations in 53 markets, the fourth largest broadcast company in the country by station count and the third largest by market count.

Alpha Media Chairman Larry Wilson said, “We are very pleased to get this remarkable transaction done resulting in making Alpha the 4th largest radio company in America. In our fold is now an exceptional stable of diversified stations and markets; bigger markets like West Palm Beach and San Jose, to smaller markets like Mason City, Iowa and Myrtle Beach, South Carolina serving not only their towns but surrounding areas and communities. It has been a tremendous pleasure to work with respected broadcaster, Dean Goodman, and his management team. We look forward to joining forces with the phenomenal people at Digity doing radio the right way.”

Goodman, the CEO of Digity, added, “I have been honored to work with the great broadcasters of Digity. They know their roots are in live and local and their future is dynamic. They will excel as individual and collective entrepreneurs with Alpha. We hand off a thriving company, up this year at top of the industry. I wish Larry, Donna, Bob and team all the best, they have assembled a great platform.”

RBC Capital Markets, LLC acted as sole financial advisor and Cooley LLP as transaction and regulatory counsel to Digity. 

Media Services Group’s George Reed served as broker for Alpha.

NJ Broadcasting, LLC Purchases WWRL-AM (Press Release)

Chesley Maddox-Dorsey, CEO, Access.1 Communications Corp. is pleased to announce the sale of WWRL-AM, New York City, to NJ Broadcasting, LLC for $7,000,000.*  NJ Broadcasting is owned by Dr. Nimisha Shukla and will operate the station under an LMA beginning February 1, 2016.  WWRL-AM, 1600 kHz, will provide programming for the large South Asian Community located throughout the Tri-State Area.   

Dr. Shukla, a Pediatric Physician, who also owns, 7 Days Pediatrics, located in Edison, New Jersey, is now able to fulfill a long term desire to provide a voice to the South Asian Community  through a premium broadcast media platform on a 24 hour,7 day basis.   

George Reed and Tom McKinley, Media Services Group, represented the seller in this transaction.

*Pending FCC Approval    

Sunrise Broadcasting LLC Closes Transaction in Wilmington, NC (Press Release)

The sale of WBNE-FM and W240AS (FM Translator) in Wilmington, NC from Sea-Comm, Inc. to Sunrise Broadcasting, LLC has closed. The purchase price was $1,850,000.

George Reed of the Jacksonville office of Media Services Group served as the exclusive broker representing the Seller in this transaction. 

JVC expands into Gainesville-Ocala, FL

JVC Media/JVC Broadcasting has expanded with JVC Media of Florida’s announcement to purchase a Gainesville/Ocala, FL cluster from Asterisk Communications. JVC has been operating the stations in an LMA since May. On January 17, JVC filed its formal application to acquire the stations for $3.5 Million.*

The stations include Hot AC WMFQ-FM, Country WTRS-FM/WYGC-FM simulcast and Rhythmic CHR WXJZ (“Party 100.9”). The $3.5 million deal includes $350K down, $500,000 in a promissory note and $2,650,000 cash at closing.

JVC will spin its CHR/Dance WBXY-FM (“Party 99.5) to RMA Media (Ricardo Arroyo) for $500K. On December 26, Party 99.5’s format was moved to JVC’s WXJZ-FM (100.9) last month. John Caracciolo and Victor Canales are the principals of JVC, and financing is provided by Northwood Ventures. The stations include two primarily serving the Ocala and three oriented to the northern Gainesville side.

Ocala
WTRS-FM Dunnellon, a Class C2 on 102.3 MHz with 50 kW @ 489’
WMFQ-FM Ocala, a Class C2 on 92.9 MHz with 50 kW @ 476’

Gainesville
WXJZ-FM Gainesville, a Class A on 100.9 MHz with 6 kW @ 299’
WBXY-FM La Crosse, a Class A on 99.5 MHz with 2.2 kW @ 472’
WYGC-FM High Springs, a Class A on 104.9 MHz with 3.2 kW @ 449’

I was pleased to represent the seller, Asterisk Communications in the transaction.  Congratulations to Fred Ingham, John Caracciolo, Paul Homer, Ricardo Arroyo, and Victor Canales on the deal.

*Pending FCC approval

George
Media Services Group

JVC Media to purchase Asterisk Communications' Florida Radio Group

JVC Media, the leading independent, locally owned radio broadcaster on Long Island, has entered into an agreement to buy Asterisk Communication’s five Florida FM  radio stations, WTRS, WMFQ, WXJZ, WBXY and WYGC.  JVC owns 4 FM radio stations on Long Island, WPTY, WBON, WJVC, WRCN and operates Long Island Events, which manages the 7,000 seat outdoor entertainment venue known as the Pennysaver Amphitheater.  JVC was formed by broadcasting veterans John Caracciolo and Victor Canales and is backed by Northwood Ventures. 

102.3 WTRS is a heritage Country station serving the Gainesville/Ocala Florida market with a legendary track record of success and community involvement.  Hot AC WMFQ, Q92 serves North Central Florida as one of the top rated music stations in the area thanks to its great signal and award winning staff. WXJZ is a unique FM station serving the Gainesville area with a smooth FM music mix format that has developed a deeply devoted following. WBXY and WYGC, both Gainesville FM stations make up the rest of this market dominating cluster.

JVC Media has been in a rapid growth mode, recently expanding on Long Island with its entertainment and broadcast division adding jobs and staff and working hard to make radio local and community friendly once again.

JVC Media CEO, John Caracciolo said, “We are honored and privileged to welcome these top performing radio stations into the JVC family. The prior owner of these stations was committed to community service, high quality broadcasting and creating an excellent work environment for its staff, and we are proud to be able to continue the tradition that Asterisk started in this great market”.

JVC Media VP, COO Victor Canales added, “We love this radio market, and we are excited to continue the trend of fun, local radio in North Central Florida”.  “We plan on adding staff in Florida and New York and to make a big splash with marketing and programming when we begin operating the stations”, he added.

I represented the seller, Asterisk Communications.  Congratulations to John and Fred on a great transaction!

George
Media Services Group


















 











 

Two more station transactions close

Although the pace of station trading remains slow, Media Services Group closed two more transactions last week.

M&M Broadcasters closed on the purchase of KRHC AM/KBEY FM, Burnet;
KHLE FM, Kempner; and KHHG FM, Hamilton; all Texas, from Munbilla Broadcasting Properties, LTD.

Bill Whitley of the Dallas office of Media Services Group served as the exclusive broker for this transaction.

Big Toe Communications, LLC completed the acquisition of the assets of radio stations WHPI-FM, Glasford, IL; WPIA-FM, Eureka, IL; WZPN-FM, Farmington, IL and
WWCT-FM, Bartonville, IL, from Independence Media Holdings, LLC.

Stephan Sloan of Media Services Group’s Providence office represented the seller in this transaction.

Well done Bill and Steph!

George
Media Services Group