False alarm on Radio Disney NY sale
The New York Daily News ran a story 10/14/14 saying that a buyer had been found for WQEW-AM, Radio Disney’s New York outlet. According to the broker handling the sale of the Radio Disney group, there is no deal as yet.
The entire Radio Disney station group, featuring numerous attractive radio markets but with access provided by less-attractive AM stations, is for sale.
The News reported that religious non-profit Family Radio, a subsidiary of Family Stations, was the buyer for a reported $12M.
Bill Schutz of Schutz & Company is handling the sale of the Disney group, and he said that there is in fact no deal as yet.
Radio Disney acquired WQEW from The New York Times pursuant to a 1/23/07 contract for $40M cash.
Family stations sold its New York FM, WFME-FM, to Cumulus back in 2012 for $40M plus WDVY-FM Mount Kisco NY, which serves the Big Apple commuter market of Stamford-Norwalk CT. Family stands to make an additional $8.5M if Cumulus is successful in relocating the Newark NJ station into one of New York City’s five boroughs, and can make an additional $1.5M if Cumulus makes the move with better than Class B1 status.
The WFME calls are now resident on Family’s Mount Kisco station.
The former WFME is now WNSH, home to Cumulus’ Nash format in the market.