In June 2016, the radio broadcasting company led by Bruce Mittman and Jim Leven agreed to purchase four radio stations on the Florida Panhandle from Apex Broadcasting.
Now, Mittman and Leven are saying farewell to the quartet of radio properties.
The buyer? It’s a media company with a presence in Central Florida — and on Long Island in New York State.
Their Community Broadcasters, for which Mittman serves as CEO and Leven is President, is agreeing to sell Class C3 WECQ-FM 92.1 in Destin, Class C2 WWAV-FM 102.1 in Santa Rosa Beach, Class C1 WHWY-FM 98.1 in Holt and Class C2 WZLB-FM 103.1 in Valparaiso, Fla. — all serving the Destin-Fort Walton Beach market.
The buyer? JVC Media, the broadcast company doing business as “JVC Broadcasting” led by John Caracciolo.
With Dan Kirkpatrick at Fletcher Heald & Hildreth as Community Broadcasters’ legal counsel and Francisco Montero at the firm representing JVC, the deal was struck December 17.
And, it is a bargain for JVC as Mittman and Leven are selling the four FMs for $2,268,839.
Community Broadcasters purchased the properties for $5.9 million.
JVC has already paid Community Broadcasters an escrow deposit of $113,442.
At closing, a cash payment of $658,156 will be made by Caracciolo’s group. The remaining $1,497,250 will be represented by a Promissory Note, with accrued interest at 6%. Payment will be made in the amount of $28,946.04 per month for 60 months, with an expect start date in February 2021.
The transaction brings JVC’s Florida operation to a total of eleven radio stations — including three in Orlando and four in Gainesville-Ocala.
JVC is based in New York, where it operates five FM stations on the eastern end of Long Island.
“We are honored and privileged to welcome WECQ, WHWY, WWAV, and WZLB and its staff to the JVC family,” Caracciolo said. “The prior ownership was committed to community service on the Emerald Coast, high quality broadcasting and creating an excellent
work environment for its staff, and we will continue that work. We are tremendously
impressed with the Fort Walton Beach market and the remarkable growth and resilience of the area even in these unprecedented times.”
JVC executive Shane Reeve will oversee the integration of the Fort Walton Beach stations into the company and will be responsible for the staffing and operation of the facilities.
It’s a natural choice: Reeve was VP/Market Manager for Cumulus Media’s Fort Walton Beach Fla., radio stations from October 2011-March 2013, when he joined JVC to run its Florida properties from Orlando.
For Community Broadcasters, it will now focus on its stations in Ogdensburg and Watertown, N.Y.; and its Florence, Orangeburg and Sumter, S.C., properties.
