A combination sale/donation deal is in the offing for WBIX-AM Natick MA, a high-powered station serving the Boston market. Holy Family Communications is the buyer.
WBIX Corporation, headed by Alexander G. Langer, is the seller. It will take in $1M cash, and Holy Family will also kick in a “donation letter” stating that it is receiving $500K in fair market value over and above the $1M figure, which Langer will be able to show to the good folks who will be going over his next tax filing.
Holy Family is headed by James N. Wright, and is already active in upstate New York, where it holds WHIC-AM Rochester , WLOF-FM Attica (between Buffalo and Rochester), and holds a CP for an FM in Lancaster, near Buffalo. According to broker John Pierce, who handled this transaction for both parties, the group remains on the lookout for stations in additional New York markets.
Pierce added that it could not resist the chance to move into Boston, gaining access to its large Catholic population. It’ll have an excellent facility to reach them with – WBIX is licensed for 40 kW-D and 2.5 kW-N from its perch at 1060 kHz.
The principals in the deal also issued statements.
Langer said, “We are very pleased to welcome Holy Family Communications to the city of Boston, which has had a rich Catholic history.” Langer added that WBIX will stay on the air in its present business format at least through the end of September or October, 2010. He pegged the ultimate value of the deal at $1.6M.
Wright stated, “We are very excited to be in the city of Boston, with its rich history and educated, intelligent populace. Our mission will be to bring the Catholic message to this great city once again.”
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