On August 7, paperwork was filed for FCC regulatory approval that would result in only the third owner for an AM/FM combo serving an Ohio city due east of Columbus.
The transaction has now closed, putting the stations’ President/GM in the owner’s seat.
WCLT-AM & FM in Newark, Ohio, owned by the Pricer family since the 1970s, are now the property of Tom Bunyard, who joined as General Sales Manager of the stations in November 2008 and rose to GM in July, adding the title of President earlier this month.
“We look forward to continuing to serve Central and East-Central Ohio with the very best audio entertainment, information, and local content,” Bunyard said in a statement released December 22. “There is a rich tradition at the WCLT Radio Group of serving our fans and business partners as a local and independent media source, and that tradition will only be amplified in the years to come.”
Bunyard’s assumption of majority ownership of the WCLT Radio Group comes through a stock sale. And, it sees two other individuals, Michael Schneider and James Ferguson, each obtain 9.3% ownership of the company.
There are a total of 896 shares of stock in the company, and Douglas Pricer held 628 shares in the station group, comprised of WCLT-AM 1340, 50kw WCLT-FM (T-100.3), and FM translators branded as “Kate 98” at 98.7 MHz and “The Big Lick” at 104.7 MHz.
Bunyard obtained 460 shares of WCLT Radio Group, agreeing to pay $1,357,000. To make the transaction happen, a Promissory Note was agreed to that will see Bunyard make annual payments every January 4 of $135,700, making the final payment due in 2033. Interest will be at the Applicable Federal Rate (AFR).
Pricer’s shares constituted 70% ownership in WCLT Radio Group. The remaining shares are held in trusts.
Douglas Pricer is the son of the late Bob Pricer, who died at age 88 in January 2012. He had been hospitalized for several weeks with injuries from a car crash. According to the Newark Advocate, the stations’ original owner, Pricer began working for WCLT in 1947 when the brand-new FM station was under common ownership with the newspaper. Interestingly, WCLT-AM is actually younger, added two years later.
Bob Pricer became the stations’ owner in 1977 and remained directly involved in running the stations until the 2012 automobile accident.
— With archival reporting by Carl Marcucci, in Washington, D.C.
