Crazy eights: Time to say Aloha to station buying


The blockbuster Hubbard-Bonneville radio group deal, which contemplates the transfer of 17 stations in four large markets, made news in part because it came in at a reported multiple of eight – below what sellers were getting in the wild times, but above what they’ve been getting lately. If the multiple worm has turned, maybe it’s time to take another look at what’s on the shelf at the Aloha Trust and Last Bastion Trust.

Aloha was formed to deal with excess stations in the wake of the transfer of control of Clear Channel, and is under the control of Jeanette Tully. Last Bastion came about as a result of the reorganization of Citadel, and it under the control of Elliot Evers.

Last Bastion has pending sales in Charleston SC – WMGL-FM Ravenel SC, and Oklahoma City – KINB-FM Kingfisher OK.

Still on the shelves:

* Albuquerque NM: KBZU-FM Albuquerque NM

* Lafayette LA: KRDJ-FM New Iberia LA

* Little Rock AR: KPZK-FM Cabot AR, KVLO-FM Humnoke AR and KOKY-FM Sherwood AR

There is quite a bit more inventory on the Aloha shelf, despite the fact that Clear Channel was able to call one home recently, in the Roanoke-Lynchburg VA market.

Aloha has four deals for five stations in three markets in the pending pile, plus the Roanoke recall, including:

* Battle Creek MI: WBFN-AM Battle Creek MI

* Roanoke-Lynchburg VA: WSNV-FM Salem VA (recalling)

* Salisbury-Ocean City MD: WDKZ-FM Salisbury MD, WLBW-FM Fenwick Island DE

* San Jose CA: KSJO-FM San Jose CA

* San Jose CA: KUFX-FM San Jose CA

Still on the shelf:

* Albuquerque NM: KABQ-FM, Bosque Farms NM

* Augusta GA: WIBL-FM Augusta GA, WZNY-FM Augusta GA

* Austin TX: KFMK-FM Round Rock TX

* Bismarck/Minot ND: KRRZ-AM Minot ND

* Columbus GA: WBFA-FM Fort Mitchell AL, WSHE-AM Columbus GA, WZCH-FM Warner Robins GA

* Dayton OH: WDKF-FM Englewood OH, WDSJ-FM Greenville OH, WLRX-FM,  Ironton OH

* Eau Claire WI: WISM-FM Altoona WI

* Florida Keys FL: WKEY-FM Key West FL, WKEZ-FM Tavernier FL

* Fort Pierce Area FL: WCZR-FM Vero Beach FL, WSYR-FM, Gifford FL, WOLL-FM, Hobe Sound FL

* Frederick MD: WFMD-AM Frederick MD, WFRE-FM, Frederick MD

* Huntington-Ashland WV-KY: WBKS-FM Ironton OH, WIRO-AM Ironton, OH, WZZW-AM Milton WV

* Lancaster CA: KAVL-AM Lancaster CA, KTPI-FM Mojave CA

* Laurel-Hattiesburg MS: WHER-FM Heidelberg MS

* Lexington-Fayette KY: WMKJ-FM Mount Sterling KY, WWRW-FM Mount Sterling KY

* Little Rock AR: KHLR-FM Benton AR

* Louisville KY: WKRD-FM Shelbyville KY

* Macon GA: WZCH-FM Warner Robins GA

* Nassau-Suffolk NY: WALK-AM East Patchogue NY, WALK-FM Patchogue NY

* Panama City FL: WPBH-FM Port St. Joe FL

* Roanoke-Lynchburg VA: WSFF-FM Vinton VA, WSNZ-FM Lynchburg VA

* Sussex NJ: WTOC-AM, Newton NJ (formerly WNNJ)

RBR-TVBR observation: The problem with reading too much into the Hubbard-Bonneville deal is that it involved a well-heeled buyer with money to spend, greatly diminishing the need to pull out a credit card. For most, the availability of financing is still more a dream than a reality. But if it does signal a coming of realistic asking prices and reasonable multiples, the time to buy might be ASAP.