A Class A facility reaching the cities of Concord and Manchester, N.H., is trading hands. The buyer is a company that scored a $68 million payday by relinquishing the spectrum of a TV station in the Boston DMA.
This is the lone deal in RBR+TVBR‘s TRANSACTIONS TODAY for Wednesday, Aug. 9, 2017.
In a deal valued at $1.3 million, WTPL-FM 107.7 in Hillsboro, N.H., is being sold to WBIN Inc. — the company led by investment banker and former U.S. Senate candidate Bill Binnie, who in fall 2014 launched “NH1” as a multiplatform all-news operation serving New Hampshire.
The seller is Lakes Media LLC, an entity led by Dirk Nadon; it is not associated with the company of the same name in the Raleigh-Durham, N.C., area.
WTPL will be added to a group of 16 stations licensed to WBIN Media Co.
An escrow deposit of $65,000 has been made to Lakes from Binnie’s company, which is represented by Kathleen Victory of Fletcher Heald & Hildreth.
There was no broker associated with this deal, which saw WBIN Inc. begin operating WTPL via an LMA on Aug. 1.
On Feb. 17, Binnie began the process of shutting down NH1; WBIN-35 in Derry, N.H., marketed as a Boston DMA independent station, attracted $68,081,337 in the FCC Spectrum Auction. A channel-sharing agreement was put in place prior to the auction.