By the time all the dust cleared after a deal for one FM in the Monterey-Salinas market, two local radio clusters got bigger while the seller remained in the market with an AM solo act. It all started with the sale by Buckley Broadcasting Corp. of KWAV-FM Monterey.
The deal for the Adult Contemporary 96.9 MHz is not complete, says Dick Foreman of Richard A. Foreman Associates, Inc., who represented Buckley. Buckley’s sole remaining station in the market is KIDD-AM.
The buyer, Mapleton Communications, paid $2.15M for the station, adding it to a local cluster that already included five FM stations.
Its stations prior to striking the KWAV deal included:
Oldies KBQQ-FM 103.9 Boulder Creek
80s-90s KCDU-FM 104.7 Seaside
Classic Rock KHIP-FM 104.3 Gonzales
Country KKHK-FM 95.5 Carmel
Adult Alternative KPIG-FM 107.5 Freedom
At the time the deal was announced, Mapleton President/CEO Jim Shea stated, “I have always admired KWAV.They have been great competitors and I am truly thrilled for the opportunity to work with them.”
Anybody familiar with FCC local ownership rules is aware that six FMs is one over the legal limit. And anybody familiar with recent FCC attitudes towards broadcast consolidation is aware that it is not in much of a mood to consider waivers to allow any over-sized local clusters.
In other words, one of Mapleton’s stations had to go, and the one that was sent packing was KBOQ-FM.
The buyer, Saul Levine’s Mount Wilson FM Broadcasters, already had an AM and two FMs in the market, giving it both a solid business foundation there while leaving plenty of cap room for an acquisition.
It paid $200K cash for KBOQ, adding it to its group which includes KNRY-AM Monterey, KMZT-FM Salinas and KYZZ-FM Big Sur.