The conventional wisdom is buy cheap, sell dear. Circumstances, however, conspired to create a situation in which Bustos Media bought at the height of the station trading market, only to plunge into the bottom of the operating market. As a result, the radio and television group (mostly radio) will be transferred to NAP Broadcast Holdings LLC.
NAP stands for three of the group’s lenders — NewStart, Atalaya & Prudential. Alta has an interest as well, along with others.
Principals Amador and John Bustos will be exiting the company. Staying on to run it on an interim basis will be Jay Meyers.
In a message to employees, Amador and John Bustos said, “We all worked hard to develop the new emerging Hispanic markets, but the economic downturn and the timing of our purchases were not favorable. We appreciate the trust our equity partners placed in us. We appreciate as well as the patience our senior lenders had as we worked to restructure our debt. I am confident that with the support of the new ownership the staff will continue to build these stations to their fullest potential.”
They concluded, “This is not ‘adios’ but ‘hasta pronto.’ In business, like in life, we all go through a series of chapters. One closes and another one opens.”
Here is the list of stations implicated in the transaction:
* Modesto CA
KBBU-FM Modesto CA
* Sacramento CA
KBAA-FM Grass Valley CA
KLMG-FM Esparto CA
KGRB-FM Jackson CA
KSTV-LP Sacramento CA
* Boise ID
KDBI-FM Emmett ID
KQTA-AM Homedale ID
* Portland OR
KOOR-AM Milwaukie OR
KGDD-AM Oregon City OR
KLPM-AM Portland OR
KRYN-AM Gresham OR
* Salt Lake City UT
KTUB-AM Centerville UT
KDUT-FM Randolph UT
KBTU-LP Salt Lake City
KBMG-FM Evanston WY
* Seattle-Tacoma WA
KTBK-AM Auburn-Federal Way WA
KDDS-FM, Elma WA
* Tri-Cities WA
KZTB-FM Milton-Freewater OR
KMMG-FM Benton City, WA
* Wenatchee WA
KULE-AM Ephrata WA
KULE-FM, Ephrata WA
KZML-FM Quincy WA
* Yakima WA
KDYK-AM Union Gap WA
KDYM-FM Sunnyside WA
KZTA-FM Naches WA
* Milwaukee WI
WDDW-FM Sturtevant WI
WBWT-LP Milwaukee WI
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.
