Paperwork submitted to the FCC for its regulatory approval has formally disclosed the amount of money Audacy Inc. will be receiving from its sale of a Westerly, R.I.-licensed Class B FM station that has served as a simulcast partner of Sports Talk WEEI Radio in Boston.
As RBR+TVBR first reported earlier this month, Audacy is now moving forward with the sale of Providence-focused WVEI-FM 103.7, a 37kw facility also serving the Massachusetts cities of New Bedford and Fall River.
The buyer is Ocean State Media, and it paying $4.9 million to Audacy for the booming FM facility. A $245,000 deposit has been made and is being held in escrow.
There is no broker or finder associated with this deal, which marks a big step forward for OSM in gaining a single FM home. As of today, Ocean State Media uses a network of five frequencies to serve public radio listeners across Rhode Island and parts of southeastern Massachusetts.
“With this move, listeners will no longer need to change channels to continue hearing Ocean State Media as they travel throughout Rhode Island and southeastern Massachusetts,” said Pam Johnston, President/CEO of Ocean State Media. “Once approved, audiences can tune to a single frequency for a clear, high-quality broadcast, advancing our commitment to delivering distinctly local news and information more effectively and efficiently across the region.”
The change of WVEI to NPR programming is expected to take place in under three months.
WVEI was acquired by Audacy predecessor Entercom for $14.5 million, indicating the company now under majority control of Soros Fund Management is seeking a quick exit on a long-term investment that never fully realized its full potential, revenue-wise.
Prior to 2004, WVEI was WWRX, which in its latter years aired an Alternative format against WBRU under the ownership of Stephen Mindich’s former Phoenix Media operation, pairing WWRX with WFNX in Boston.
