Deal Digest Antenna

SALES – STATIONS

New York – Emmis files a deal to sell a majority stake in urban AC WBLS (107.5) and rhythmic CHR “Hot 97” WQHT to Standard General, the hedge fund controlled by Soohyung Kim. The filing shows that in exchange for putting $91.5 million into Emmis, Standard Media will receive a 76% equity stake in the two New York stations. Emmis will retain a 24% equity stake a company they’re calling Mediaco Holdings. The deal also calls for Mediaco Holdings to pay Emmis an additional $5 million under a five-year promissory note. The complex deal also has several other components. Under a $1.25 million per year management agreement that runs until Dec. 31, 2020, Emmis will continue to operate the two FMs and employees remain employees of Emmis although they will technically be leased to Mediaco. Emmis continues to own gospel WLIB (1190) and under a local marketing agreement it will continue to have the right to simulcast its signal on the HD2 channel of WQHT for free through Dec. 31, 2022. The deal also calls for Emmis to pay Mediaco Holdings for any expenses that it incurs related to the WLIB operations or the long-term lease of sports WEPN (98.7) to ESPN Radio.

Orlando – Salem Media Group is spinning off one of its four stations in market No. 31 as it strikes a $900,000 deal to sell talk “660 The Answer” WORL to JVC Media. The deal also includes the Oviedo, FL-licensed translator W288CJ at 105.5 FM. The acquisition gives JVC Media a second station in the Orlando market where it already owns country “103.1 The Wolf” WOTW. It will operate WORL under a local marketing agreement set to begin by August 19 and run until closing. Once the sale is finalized Salem will still own three stations in the area including religious “The Word” WTLN (950), Spanish Christian “990 La Nueva Orlando” WDYZ, and business news “1520 The Biz” WBZW. Salem will retain WORL’s programming and it may switch the format to one of its other Orlando AMs. Broker: Doyle Hadden

Portland, OR – Educational Media Foundation files a $90,000 deal to buy contemporary Christian “Air1” affiliate KWBX (90.3) from Corban College. EMF already owns four stations in the Portland market including “Air1” affiliates KZRI (88.7), contemporary Christian “K-Love” affiliates KLVP (97.9) and KLVU (107.1), and Spanish religious “Radio Nueva Vida” affiliate KXPC (90.3).

Montana – Steve Fitzpatrick, the receiver overseeing KEIN, Great Falls, MT (1310) to Wayne Ferree’s Tiger Butte Broadcasting. Ferree doesn’t own any other stations. Fitzpatrick has been in charge of the station since last November when a judge ordered Munson Radio to turn control of KEIN over to a receiver. KEIN has been primarily silent since 2013 when it lost its tower site lease.

CLOSINGS

Atlantic City, NJ – Educational Media Foundation closes to buy one of Longport Media’s five stations in market No. 154. EMF closes a $570,000 deal to buy CHR “AC-102.7” WWAC, a Class A station licensed to Ocean City, NJ. EMF doesn’t currently own any stations in the Atlantic City-Cape May market but its Philadelphia station—contemporary Christian “K-Love” affiliate WKVP (106.9)—covers parts of the region. The sale leaves Longport Media with four other stations in the Atlantic City market including classic hits “Kool 98.3” WTKU-FM, rock WMGM (103.7), “News Talk 1400” WOND, and WBSS (1490) which simulcasts WTKU-FM. Broker: Tom McKinley, Media Services Group

Amarillo, TX – Gray Television has closed a deal to sell one of its two radio stations. Alpha Media will pay $250,000 to acquire urban “WE 102.9” KEYU-FM. The station flipped from Spanish adult hits “102.9 Mundo FM” last week. New call letters are in the works too. That’s because not included in the deal are the rights to the KEYU call letters, the format, and the “Mundo FM” and “Tu Musica” brands. Alpha Media already owns three stations in market No. 170 including “Country 97.9” KGNC-FM, classic hits “101 The Eagle” KXGL, and news-talk KGNC (710). Gray Television acquired KEYU-TV in June 2018 as part of its $3.65 billion buyout of Raycom Media. It also got regional Mexican “La Ley 104.7” KTXC in the Odessa-Midland, TX market. Broker: Kalil

Raleigh-Durham, NC – Stuart and Nancy Epperson’s Truth Broadcasting closes a $175,000 deal to buy religious WTSB (1090) from Lamm Media Group. The deal also includes the Selma, NC-licensed translator W288DH at 105.5 FM, which gives the 9,000-watt daytime-only station a 24-hour signal. Truth Broadcasting also owns religious “The Truth” WDRU (1030) in Raleigh-Durham and WTSB now simulcasts WDRU. Mickey Lamm still holds an ownership interest in the currently-silent WMPM (1270) in the Raleigh-Durham market. Broker: Dick Kozacko

Omaha-Council Bluffs, NE – My Bridge Radio files a $135,000 deal to buy religious “Living Water Radio” KZLW (90.1) from Calvary Chapel of Omaha. My Bridge Radio owns seven other FMs in Nebraska but KZLW will be its first in the Omaha market. Once the sale closes, Calvary Chapel of Omaha will still own religious KHLW, Tabor, IA (89.3).

Reno, NV – Evans Broadcasting Company closes a $20,000 deal to buy oldies KSVL, Smith, NV (92.3) from Donegal Enterprises. Jerry Evans already owns four station in the Reno market including AC “Fun 101” KRFN, “99.1 FM Talk” KKFT, alternative “Alt 92.1” KRAT, and “Cowboy Country 1300” KCMY.

North Carolina – Keith Baldwin closes a $10 deal to buy the currently silent WQTM Fair Bluff, NC (1480) from Rama Communications. The deal also includes the Fair Bluff, NC-licensed translator W279DQ at 103.7 FM.