On August 15, RBR+TVBR shared the details regarding a transaction brokered by Michael J. Bergner that saw Beasley Media Group, owner of a six-station cluster in the Cradle of Liberty — sell a standalone FM in neighboring Wilmington, Del.
Now, that transaction has closed. Yet, the Adult Contemporary programmed that aired on this Class B facility with a signal covering all of greater Philadelphia will live on.
VCY America, the non-secular Christian Talk & Teaching-focused broadcast ministry that in March 2022 acquired KESN-FM in Dallas for $9.25 million and attempted to purchase three FMs stripped by a Federal judge from Ed Stolz’s Royce International, has completed its $5 million acquisition of WJBR-FM 99.5 in Wilmington from Beasley.
The facility will have the new call letters WVCW-FM.
Sally Buckman of Lerman Senter served as Beasley’s legal counsel and Kathryne Dickerson of Wiley LLP acted as VCY America’s legal counsel.
Bergner represented Beasley in the transaction.
WJBR was founded in January 1957, making it an early standalone FM in an era when few turned to the MHz band. Across the 1960s and 1970s, it was “Just Beautiful Radio,” airing an Easy Listening format; the call letters are for first owner John B. Reynolds. His son, John B. Reynolds Jr., in 1985 sold WJBR-FM, and WJBR-AM, which was added in 1976, to the former Commodore Media. It was then acquired by Capstar.
In March 2000, Capstar sold WJBR-FM to the now-defunct NextMedia Group. Seven years later, NextMedia sold the station to Beasley. That deal perhaps puts in perspective the current valuations seen across the radio industry compared to the mid-2000s, prior to the “Great Recession” and real estate crisis of the late 2000s. In a deal that saw Peter Handy of Star Media Group serve as the broker, Beasley agreed to purchase WJBR for $42 million from the former entity led by President/CEO Steven Dinetz. Today, Star Media Group is also defunct.
Meanwhile, Beasley has confirmed that “WJBR” will live on as a HD2 offering on Class B WBEN-FM 95.7. While the station is licensed to Philadelphia, it enjoys a city-grade signal over Wilmington. However, the new “WJBR” will be an “all-music” format, as its morning hosts said goodbye to listeners ahead of the closing.
