In October 2022, the individual who had taken a forlorn AM radio station in Western New York and successfully created the “WECK” Oldies brand closed on his acquisition of an FM radio station in a city where he’s a “Snowbird.” Now, the man professionally known as Buddy Shula is focusing his broadcast ownership efforts on Buffalo, Cheektowaga and its surrounding towns.
Shula, legally known as William Ostrander, has signed off on an agreement that sees the Michael Stapleford-led Magnum Broadcasting Inc. purchasing WKEY-FM 93.7 in the Key West, Fla., market from Radio One Key West LLC.
That license is an extension of “Radio One Buffalo,” indirectly, and saw Shula allow Magnum to convert what was a LGBTQ+-focused dance music station to “Yacht Rock”-themed Classic Hits. On Friday morning, obscurities such as “Going Down” by Greg Guidry could be heard alongside “After The Love Has Gone” by Earth, Wind & Fire and Climax Blues Band’s “I Love You.”
An amended LMA will see Magnum serve as the station’s programmer through closing; it restates a lease management agreement originally signed in August 2023 between Stapleford’s group and Radio One Key West LLC.
Communicating via e-mail with RBR+TVBR, Shula said, “Michael and Magnum have been operating WKEY under an LMA for the past two years. The LMA was part of an APA that gave Magnum the opportunity to purchase the station after 24 months. Michael has done very well with the station and has decided to exercise his opportunity to purchase it.”
When the transaction is complete, WKEY will formally become a sibling to WGAY “Party 105.7,” WKEY’s former rival; News/Talk simulcast partners WPIK-FM 102.5 and WKEZ-FM 96.9; and to mid-Florida Keys facilities WFFG-AM 1300 and WGMX-FM 94.3 in Marathon, Fla.
Terms call for Magnum to pay Shula $250,000 for WKEY. A Promissory Note will be honored. Shula paid $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.
Serving as Shula’s legal counsel is Stephen Lovelady of Shainis & Peltzman; the legal representative for Magnum Broadcasting is Dan J. Alpert.
Magnum obtained WKEZ in May 2020 and later gained WFFG and WGMX in a separate arrangement after a Monroe County, Fla., Circuit Court ordered the sale of stations linked to a former licensee that ended up in the hands of a trustee — Jonathan Smith’s Choice Radio Keys Corp.
