In October 2018, powerful Hurricane Michael tore through the panhandle of Florida, causing widespread destruction across Bay County and Panama City. For one local radio station owner, a choice was presented to rebuild them or abandon them. Baton Rouge-based Powell Broadcasting Company elected the latter, but a local operator swooped in to save them after a savvy South Florida entrepreneur grabbed the licenses. The second new owner then resold the properties. Now, that entity is agreeing to part ways with two of those FMs left for dead by Powell.
In a transaction that sees Mark Balkin of Hardy, Carey, Chautin & Balkin serve as the seller’s legal counsel, RoRo Investments — led by Roberta Fagan — has agreed to sell WASJ-FM in Panama City Beach, Fla.; and WKNK-FM in Callaway, Fla.
The buyer is not-for-profit religious broadcaster Faith Radio Network, which used the legal services of Todd Steiner in Woodstock, Va.
A $700,000 purchase price is being paid by FRN for the two FMs, with a $25,000 escrow deposit made by Faith Radio Network.
There is no broker or finder associated with this transaction.
For Fagan, the deal is a big financial win, as she grabbed the two stations along with WRBA-FM in Springfield, Fla., for $180,000.
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. But 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. Then came Great American Media’s transaction with RoRo.
WASJ, a Class C2 FM with 50kw, is Adult Hits “BOB 105.1” and WKNK is a Class C1 100kw Country station, branded as “Kickin’ Country 103.5.”
