As RBR+TVBR reported earlier in March, Audacy Inc. submitted for FCC approval an “engagement and assignment agreement” that saw the placement of a 25kw Class C3 FM licensed to Simpsonville, S.C., into a divestiture trust administered by Kalil & Co. of Tucson.
Ten quick days later, Audacy has a buyer for WSPA-FM 106.3, which will be sold by “The Greenville Divestiture Trust” but by the company directly.
An asset purchase agreement dated March 28 was uploaded to the FCC’s LMS late Thursday, and it shows that the Norberto Sanchez-founded Norsan Media, known for its Hispanic-focused broadcast media properties across the Southeast, intends to purchase the FM for $700,000.
The sale of WSPA was engineered as Audacy, which is exiting debtor-in-possession status after filing for Chapter 11 bankruptcy protection, is being reconstituted with its emergence. As such, Audacy would have been owner FCC ownership limits in the Greenville-Spartanburg, S.C., radio market that WSPA serves.
A Time Brokerage Agreement will allow Norsan to assume control of WSPA prior to closing.
A 10% deposit ($70,000) is due within 10 days. It is to be placed with law firm Putbrese, Hunsacker & Trent, acting as escrow agent.
At present, WSPA is known as “Magic 106.3,” and is anchored by the Murphy, Sam & Jodi syndicated morning show. “Magic” has been on WSPA since March 28, 2023, when it moved from the facilities now home to WYRD-FM 98.9. Ownership of the “Magic” brand dates to December 1999, when then-Entercom acquired 41 radio stations from Sinclair Broadcast Group. Past owners of “Magic” include River City Broadcasting, Keymarket Communications and Spartan Radiocasting.
Once the transaction closes, Norsan will have its first FM signal in Greenville-Spartanburg, where it presently operates WOLI-AM 910 and FM translator W289BS at 105.7 MHz with its regional Mexican “La Raza” brand. It is possible that “La Raza” will relocate, with the company’s “Latina” Spanish Contemporary format entering Upstate South Carolina. It can be heard in the Charleston, S.C. market on WZJY-AM and FM translator W238CO.
