A trio of FM radio stations were left for dead by its previous owner following Hurricane Michael, which tore through the Panama City, Fla., region on October 10, 2018. Faced with rebuilding the station’s facilities or abandoning them, Baton Rouge-based Powell Broadcasting Company elected the latter.
Today, the three properties are owned by a local operator. But, pending FCC approval, their fourth owner in four years will soon take possession of them.
Aaron Scott Lee-led Great American Media LLC, headquartered in Bay County, Fla., is agreeing to sell WRBA-FM in Springfield, Fla.; WASJ-FM in Panama City Beach, Fla.; and WKNK-FM in Callaway, Fla.
The buyer is RoRo Investments LLC, an entity headed by Roberta Fagan.
And, Fagan is grabbing the stations for $180,000 — a deal that sees the continued diminution of FM values in the market.
After Powell took the stations dark, it engaged with brokerage Kalil & Co. in engineering a sale of the properties to a wholly owned company headed by Hollywood, Fla.-based Sam Rogatinsky. For the sum of $325,000, his Gulf Coast Broadcasting became the owner of WRBA, WASJ and WKNK.
His ownership of the stations lasted exactly two months. In July 2019, Rogatinsky sold the stations to Lee’s Great American Media for $700,000. Scott Woodworth of Edinger Associates represented Rogatinsky in that deal.
RoRo’s contact information in the Asset Purchase Agreement is tied to escrow agent Smallwood Miranda Law, which received a $70,000 deposit as part of Lee’s original acquisition terms.
WRBA has of late been Classic Rock as “B95.9,” while WASJ is Adult Hits “BOB 105.1” and WKNK is Country “Kickin’ Country 103.5.”
