The radio broadcasting company formed 15 years ago that today owns radio stations on New York’s Long Island and in Central Florida is parting ways with the AM and FM facilities bringing three audio brands to the Orlando market.
The buyer is one of the Southeast’s foremost Hispanic media companies. And, it is paying $4.5 million less than what the seller acquired the properties for in two separate transactions made over the last decade.
JVC Broadcasting, headed by President/CEO John Caracciolo, is agreeing to sell Class B WDYZ-AM 660 in Altamonte Springs, 50kw Class B WFYY-FM 103.1 in Windermere; and W288CJ at 105.5 MHz in Oviedo (serving areas to the north of Orlando including Sanford and Lake Mary) to Norsan Media, the company founded by entrepreneur Norberto Sanchez that is led by his daughter, CEO Natalia Sanchez Alvarez.
News of the transaction first surfaced late Thursday at the Hispanic Radio Conference in San Antonio, where Alvarez was a panelist. On Friday morning, deal details became known with the filing of an asset purchase agreement via the FCC’s LMS.
A $6 million sale price has been agreed upon by the parties, with a $300,000 deposit being held by John C. Trent of Putbrese, Hunsacker & Trent. The remainder will be paid in cash, at closing. Serving as Caracciolo’s legal counsel is Francisco Montero of Fletcher, Heald & Hildreth, who was in attendance at the Hispanic Radio Conference.
JVC acquired WDYZ, then-known as WORL-AM, and W288CJ in July 2019 from Salem Media Group for $700,000. It previously acquired WFYY, then known as WHKQ-FM, in October 2014 from TTB Media Corp. for $10 million.
Serving as JVC’s broker is Mark Jorgenson of Jorgenson Broadcast Media.
For JVC, the decision to sell the stations all but signals the conclusion of the “Florida Man Radio” spoken word “Hot Talk” format that since February 28 has been on the HD1 signal of WFYY. Prior to that, WFYY was a Rhythmic Top 40 station branded as “FLY 103.1.” That format debuted in July 2022, switching from Country WOTW “103.1 The Wolf.” Since that change, “The Wolf” has been housed on WFYY’s HD2 signal. Meanwhile, WDYZ and W288CJ have been “ESPN 660” since February 2023.
For Norsan Media, which operates radio stations in Charlotte, Greensboro and Wilmington, N.C.; Charleston, Colombia and Greenville, S.C.; Austin, Tex.; and Jacksonville, Fla.; it adds a second — and larger — market in the Sunshine State. It is also a locale where Spanish-language media consumption continues to grow, fueled by Puerto Ricans, Colombians, and a host of other Hispanic ethnicities.
In Jacksonville, Norsan’s brands include “Latina 92.1,” with a Tropical-tinged Spanish Contemporary presentation; regional Mexican “La Raza,” Spanish Adult Contemporary “R♥,” bilingual Contemporary Hit Radio “Top 97.3,” and Latin Urban “Flow 105.3,” with Edgar “Shoboy” Sotelo its anchor.
Early speculation has WFYY taking on the “Flow” format in a simulcast with WYKB-FM in Ferdandina Beach upon closing. “The development will soon be accompanied by the announcement of the stations’ formats, new talent, executive, and creative teams,” Sanchez Alvarez said. “This is not only the ninth market the company will have operations in, but it is a strategic move to embed within the thriving local Hispanic community in Orlando and foster genuine connections there. As we continue to expand and innovate, these additions are poised to bring fresh perspectives and dynamic content to our growing audience.”
A Time Brokerage Agreement takes effect on Monday (6/17). While there is no TBA fee, Norsan has agreed to reimburse JVC for operating costs of the stations, including power and utility bills; maintenance costs for the transmission and tower facilities; taxes (other than income taxes); insurance; and regulatory fees.
Studio rent is $14,417.56 per month, which includes a base monthly rent of $12,793.99 and an estimated monthly common area maintenance fee of $1,623.57. For the first three months of the TBA, Norsan will only be responsible for $7,208.78 per month; JVC will be responsible for the remaining $7,208.78.
Beginning on the first day of the fourth month of the agreement, if closing has not yet occurred, Norsan is to reimburse JVC for 100% of the studio rent. The reimbursements for the month of June will be prorated.
Charlotte-headquartered Norsan Media is a segment of a larger company that owns and operates 18 restaurants; beef supplier Prime Meats was recently acquired by Shoreline Equity Partners, where Norberto Sanchez continues as Chairman of the Board.
