It’s “listener-supported radio from Towson University” that brings the Baltimore metropolitan area a blend of eclectic Adult Alternative music that’s not so dissimilar to widely known WXPN, just up the road in Philadelphia.
That will soon change, however. But the new owners of WTMD-FM promise there will be no other differences, once this deal closes.
And, we’ve got the price tag to share.
On May 21, Towson University, an institution within the University System of Maryland, signed of the transfer of the license of WTMD-FM 89.7 in Towson, Md., within the Baltimore market, to Your Public Radio Corporation.
This will make WTMD a sibling of WYPR-FM 88.1, which has grown significantly in recent years to carve an audience of its own without needing to compete against American University’s WAMU-FM 88.5 in Washington, D.C.
Greg Guy of Patrick Communications served as the seller’s broker on this transaction, which was announced on Friday afternoon (5/28). At the time, the value of this deal was not disclosed.
Now, the asset purchase agreement has been posted to the FCC’s LMS, and it shows Your Public Radio Corp. agreeing to a $3 million acquisition that also sees Towson provided with $50,000 worth of underwriting promotional credits once the deal closes.
A $150,000 earnest money deposit has been made to Towson University. At closing, $2.55 million will be paid in cash. The remaining $300,000 will be represented by a Promissory Note.
Serving as Towson’s legal counsel is Sally Buckman of Lerman Senter.
What can listeners expect once WTMD sheds its Towson ownership?
Ben Lowenthal, CFO and Vice President for Administration and Finance at Towson University, promises listeners will notice very little differences. “Maintaining WTMD’s format was of the utmost importance for TU as we sought a new home for this award-winning station,” he said.
WTMD has been an Adult Alternative station since 2002, and actively competes against commercially licensed WRNR-FM in Annapolis, which reaches the southern half of metropolitan Baltimore.
WYPR is simulcast in Frederick, Md., on WYPF-FM 88.1 and in Ocean City on WYPO-FM 106.9.
