WBEB-FM, perhaps the most famous independently owned standalone radio station in the United States, will continue operating as it has, but new ownership arrangements have added room on the board and shifted ultimate control of the licensee.
Jerry Lee Broadcasting LLC remains the license company for the station.
Zell Credit Opportunities Fund LP is the new majority owner behind the licensee. With that came the right to have majority representation on the company’s board.
Under the old arrangement, Jerry Lee had two members on the board and Zell had one.
After FCC approval, Jerry Lee will continue with two members, but the board population will increase to five and Zell will appoint three of them.
The old board consisted of Gerald Lee, Paul Astor from Jerry Lee and Ian Goldberg from Zell.
All three will remain on the new board and will be joined by Zell appointees Nils Larson and Kathleen Steele, subject to approval by the FCC.
