Here’s another great example of how radio station owners, like homeowners, can flip a property for a nice sum.
In January, Maine-based Pine Tree Broadcasting acquired a pair of Class C AMs and a translator for $90,000.
Now, Pine Tree is selling the duo, along with a third AM in the market, for nearly double that amount.
The buyer happens to be a newly restructured Northern New England broadcaster that just took control of an AM-FM combo.
In other TRANSACTIONS TODAY: The Twin Cities’ “Wee Gee” swaps a translator with a godly operator.
Pine Tree is selling to Port Broadcasting Class C WGUY-AM 1230, with 1kw day/640 watts; Class C WCYR-AM 1400 (formerly WWNZ), with 1kw day/810 watts night on 1400 kHz; and Class C WBAN-AM 1340, with 1kw day/630 watts night in Veazie, Maine – along with FM translator W231CH at 94.1 MHz in adjacent Bangor, Maine – for $172,000.
Port will immediately assume control of the properties via an LMA agreement with Pine Tree.
A $25,000 escrow deposit has been made to Port by Pine Tree, with the balance due at closing.
There was no broker involved in this transaction.
Pine Tree acquired WGUY and WCYR, along with the translator, from Innovative Advertising Consultants and Waterfront Communications at the start of 2016.
Meanwhile, on Nov. 30 Andrew Hartmann, owner of Aruba Capital Holdings, filed a Form 315 with the FCC indicating that he is consolidating his radio station ownership by assigning the licenses of Class D WXEX-AM 1540 in Exeter, N.H.; its translator, W246BP at 97.1 MHz in Exeter; and Class A WXEX-FM 92.1 in Sanford, Maine to Port Broadcasting LLC.
These properties are outside of the Bangor, Maine listening area.
In other TRANSACTIONS TODAY for Monday, Dec. 5:
- In a swap with no cash consideration, 630 Radio Inc. has swapped K288GR, at 105.5 MHz in Bayport, Minn., for Educational Media Foundation’s W221BS, at 92.1 MHz in Waite, Minn.
The deal gives 630 Radio Inc. a big boost for its three-tower 5kw directional daytimer WDGY-AM 740, an Oldies station licensed to Hudson, Wisc., that uses the legendary “Wee Gee” Top 40 brand seen on a different WDGY from the late 1950s through 1977. W221BS enjoys a signal covering most of St. Paul, whereas covers far-eastern metro communities from east of the St. Croix River. WDGY will continue to use W279DD, a translator at 103.7 MHZ in Hudson fed by KTMY-FM 107.1 in Coon Rapids, Minn.’s HD2 signal. The transaction also calls for EMF to lease tower space from 630 Radio via a 20-year agreement, at $1 a year and “a monthly fee equal to the expenses” from translator K288GR’s operation.
- Community Broadcasters LLC has completed its $5.9 million acquisition of WZLB-FM in Valparaiso, Fla.; WWAV-FM in Santa Rosa Beach, Fla.; WECQ-FM in Destin, Fla.; and WHWY-FM in Holt, Fla. from G. Dean Pearce’s Apex Media Corp. Community Broadcasters is a New York company headed by Jim Leven and Bruce Mittman. Kalil & Co. and MVP Capital LLC acted as the brokers in this transaction, announced in June.
