Getting a new read on Reed

Media Services Group broker George Reed has found a new way to get his name into the transactional sections of the trade press. Instead of facilitating deals, he's again opted to be the principal in one. Last month, he spent 7.75M to acquire WCHV-AM, WKAV-AM, WCJZ-FM, WCYK-FM, WHTE-FM & WSUH-FM Charlottesville VA from Clear Channel. Now, as MSG Radio Inc., he's venturing clear off the continent in pursuit of grouphood, striking a 4M deal to acquire WIAC-FM in San Juan PR. The seller is Luis A.Mejia. The station is a standalone as far as full power facilities go, but comes with two translators, covering the towns of Ponce and Ceiba. Although Reed's brokerage wasn't credited with brokering this deal, it is holding the 1K escrow deposit. The entire price will be paid pursuant to a three-year promissory note.

Add to: del.icio.us | Digg