Noncommercial religious outfit Radio Cantico Nuevo brokers time on two Multicultural Radio Broadcasting stations, one in Newark NJ and the other in Medford NY – and it now has a contract to buy the latter.
RCNI, under the leadership of Erick K. Salgudo, will pay $150K, most of it via promissory note, for the Medford’s 1440 WNYG-AM, which is considered to be part of the Nassau-Suffolk NY Arbitron market. Since Nassau-Suffolk is embedded into the New York City market, which includes Newark, RCNI will have de facto AM duopoly with Multucultural’s 1430 WNSW-AM.
The contract filed with the FCC included time brokerage charts for both stations. RCNI will pay $2K/month plus expenses for fulltime use of WNYG.
It has WNSW from midnight to 6AM seven nights a week, a total of 42 hours, for $25 an hour ($1,050/week). It has the station Sunday from 2PM-midnight, and M-F from 8PM-10PM, a total of 20 hours, at $125/hour ($2,500). Finally, it has the station Saturday 6AM-midnight, Sunday 6AM-noon and M-F 6AM-8PM for 94 total hours at $250/hour ($23,500/week). Add it all up, and RCNI brokers substantially all the time on the station for $27,500 weekly.
RBR-TVBR observation: Somebody didn’t pay enough attention to the lawyers and accountants on this one. The escrow payment went in as $25,008 and the promissory note is for $124,992. Hey guys – round it out!
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