On Wednesday (8/15), via an e-mail from the Florida-based broker of record involved in this transaction, RBR+TVBR first told readers of the sale of an AM/FM combo and an FM translator serving a small city on the west bank of the Delaware River.
The buyer is is a Keystone State operation led by Kristen Cantrell. We now know how much her company is paying for the properties.
A Class A serving a growing region of Northeastern Pennsylvania and its AM sibling, which has an FM translator, are being sold by the Jeff Warshaw-led broadcasting company known as Connoisseur Media.
The buyer is the Cantrell-led Seven Mountains Media has agreed to purchase WSBG-FM 93.5 and Class D WVPO-AM 840, along with silent FM translator W276DG at 103.1 MHz.
Officially, it is Seven Mountains’ “Southern Belle LLC” that is the designated assignee of the stations.
The purchase price is $1.1 million. At closing, a $1 million cash payment will be made to Connoisseur; a $50,000 escrow payment was made August 2. Then, on the first anniversary of the closing date, the remaining $100,000 will be paid in cash.
The asset purchase agreements also includes details regarding the completion of the process with GTP Towers I LLC “to bifurcate” the existing license agreement between the company and Connoisseur dated Dec. 28, 2017, covering both WSBG-FM and WWYY-FM, sold in April to Cumulus Media. Two separate agreements are forthcoming.
Serving as the exclusive broker in this transaction is Boca Raton, Fla.-based broker Michael J. Bergner of Bergner & Co. Acting as the legal counsel for Connoisseur in this transaction is David Oxenford of Wilkinson Barker Knauer LLP; the legal counsel for Seven Mountains is Allen G. Moskowitz.
With a signal reaching much of the Allentown-Easton-Bethlehem market but focused on the sprawling communities of northern New Jersey and the “itty-bitty piece o’ Pennsylvania” made famous by WHTZ-FM “Z100” in the 1980s as a listening area embedded in the New York market, WSBG has a rich history of serving the Stroudsburg region.
The station began operations in 1964 as WVPO-FM, and in 1983 split from the AM with a Top 40 format heavy on gold titles. As the years progressed, WSBG even took the moniker “Power 93.5.”
Keystone Broadcasters sold WVPO & WSBG to Nassau Broadcasting in 1994. In May 2003, Connoisseur grabbed them — along with seven other Nassau stations — for $38.7 million.
With the sale of WVPO and WSBG, Connoisseur’s remaining Pennsylvania property is Class B WBYN-AM 1160, licensed to Lehighton, Pa., which has a highly directional north-south signal stretching to Wilkes Barre to Reading and including Allentown.
The remaining Connoisseur properties are all located in New York and in Connecticut.