Well, the buyer was unidentified, but a late report from Atlantic City names George Miller and his Longport Media as the buyer of a five-station radio group there in a bankruptcy auction. The price, $4.2M, is the same as was earlier reported.
According to the FCC database, the stations include 103.7 WMGM-FM Atlantic City, 98.3 WTKU-FM Petersburg, WWAC-FM Ocean City, and on the AM side, 1400 WOND-AM & 1490 WBSS-AM, both licensed to Pleasantville.
Atlantic Broadcasting bought the stations per a contract signed 5/23/08. The seller was Access.1 Communications, and the price was $9.5M.
Boardwalk Radio, a group made up of some of the station’s former owners, formed Boardwalk Radio for the purpose of posting a stalking horse bid, per a report in local newspaper Press of Atlantic City. It’s said to be seeking a $126K break-up fee and another $35K for expenses from the court. It’ll get the $35K, and a break-up fee as well, but it’ll only be $90K.
