He’s known for his success owning and operating WECK, the nation’s No. 1-ranked Oldies station based in Buffalo. Now, Buddy Shula is acquiring an FM radio station in his second home — the heart of the Conch Republic.
Robert A. Spottswood, Chairman/CEO of the well-known Key West, Fla.-based Spottswood Companies. In that role, Spottswood has gained a reputation among locals as an attorney, certified public accountant, Chartered Global Management Accountant, and a licensed real estate broker.
He’s also a licensee of radio stations, and on May 18 petitioned the FCC to be granted the right to build a Class C3 FM at 100.9 MHz, licensed to Big Coppitt Key, Fla., adjacent to Key West.
The full-powered FM could serve as a new home for his Adult Standards/Lounge-formatted WKWF-AM 1600, which presently uses W277DX at 103.3 MHz in Key West as a FM home.
Until now, it was assumed that the new FM would be paired with Spottswood’s other Key West asset — Dance-formatted WKEY-FM “NRG 93.7” in Key West, which he purchased from Choice Radio Keys stations trustee Philip Von Kahle following that licensee’s dissolution.
It turns out that Spottswood was willing to divest that station to the right buyer, and that individual is Shula. Through new licensee Radio One Key West, Shula engineered the acquisition of WKEY from Spottswood Partners II Ltd. Paperwork was filed Wednesday (8/10) with the FCC for regulatory approval.
Shula is paying $301,000 for the Class C3 6.1kw facility, which fades when one reaches Big Pine Key on Overseas Highway when driving from Key West to Miami.
On July 27, a $50,000 earnest money deposit was delivered to escrow agent Brooks Pierce. There is no broker or finder, although RBR+TVBR‘s coverage of Spottswood influenced Shula in reaching out to the licensee about WKEY.
Shula, a.k.a. William Ostrander, is represented by Stephen Lovelady of Shainis & Peltzman.
Since February 2020, WKEY has been operated via an LMA with Spottswood by NRG Media of Florida. Its programming is largely positioned to attract the large LGBTQ+ audience in Key West, with contemporary dance and Disco music.
The LMA will remain in place through the current term of the agreement. There will be no renewal, allowing Shula to put a new format on WKEY.
