A trio of FMs serving the popular Massachusetts resort area has been sold as part of the bankruptcy breakup of Nassau Broadcasting. They are going to John Garabedian’s Codcomm Inc.
The stations include WPXC-FM Hyannis, WFQR-FM Harwich Port and WFRQ-FM Mashpee.
The price: $2.7M. $1.8M is allocated to FCC and other licenses, $475K to goodwill and going concern value, and $425K to tangible personal property.
All three stations are Class As. WPXC,-FM which calls itself PIXY 103 Cape Cod’s Rock, beams 3.1 kW from 463’ from 102.9 MHz, and has the most market-centered signal of the three.
The other two simulcast as Frank FM – We Play It All. WFQR-FM is on 93.5 MHz with 3 kW @ 328’ with a contour that skews to the eastern side of the market; WFRQ-FM is on 101.1 MHz with 6 kW @ 272’, and skews to the west.
The price being paid for the trio is just about one-fourth of what Nassau paid when it inked a 7/25/05 contract to acquire the stations from Cape Cod Radio Stations Trust. The price back then: a cool $10M.
Ouch.
