In February 2019, longtime Maine radio station owner Dick Gleason lost his battle with ALS, at the age of 71.
Thirteen months later, the stations licensed to the company he founded were silenced under a temporary STA request with the FCC. The reason cited? The COVID-19 pandemic severely impacted the financial stability of the operation.
Now, the stations, which have been for sale since Gleason’s passing, have found a new owner and will return to broadcasting.
An asset purchase agreement was finalized Thursday (5/21) and submitted the following day for FCC approval. It seeks the OK to transfer the following stations from Gleason Media Group’s successor, Mountain Valley Broadcasting, to Bennett Radio Group:
- WOXO-FM 92.7 in Norway, Me., which airs a Country format and simulcasts with WRMO-FM 100.7 in Mexico, Me.
- WPNO-AM 1450 and FM translator W245CQ at 96.9 MHz in South Paris, Me.
- WTME-AM 780 in Rumford, Me., and associated unbuilt FM Translator for W252DS
- WEZR-AM 1240, FM translator W288CW in Lewiston, Me., and unbuilt FM translator W237ET.
Mountain Valley is led by President Kathy Gleason, Dick’s widow. With her approval, the stations are being dealt to an entity wholly owned by Stan Bennett.
Bennett is widely known across Maine for his 26 years at Binnie Media, serving as VP/Programming since March 1995 and as OM/Asst. GM of the company’s Portland, Me., stations from February 1994.
The deal is valued at $300,000. On March 25, a $15,000 escrow payment was made.
The remainder will be paid in cash at closing.
The brokerage of record in this transaction is RadioStationsForSale.net.
