Peter Davidson’s Blackstrap Broadcasting has struck a stock deal that will send two top-market AM stations – WWZN-AM Boston and WSNR-AM Jersey City NJ/New York City – to Media Americas Corporation. The stock deal features an unusual promissory note element.
Control of Media Americas is divided between three entities – 62-J Associates LLC will hold a 45% interest, as will The Rapoza Family Trust; the remaining 10% will be held by Trilight Enterprises LLC. Two individuals are listed – Russell Jones and Craig Rapoza.
The price for the two stations is $23.46M. Blackstrap is 99% held by Davidson in partnership with 1% member Katherine Drew McGhee. It’ll receive a $2M escrow payment, and a $21.46M promissory note. Blackstrap will turn around and immediately sell the note to a buyer provided by Media Americas for the full cash amount – meaning Blackstrap gets the cash, and the unnamed note buyer will own the debt.
Blackstrap bought the stations for $20.5M in a deal filed with the FCC 5/31/07. The seller back then was Rose City Radio Corp. and Vulcan Sports Media Inc.
Both stations do a more than adequate job of covering their respective markets. WWZN is a Class B on 1510 with 50 kW-U and different directional arrays not only during day and night times, but also during critical hours.
WSNR is a Class B on 620 kHz, and is one of those unusual stations with more power at night than during the day. It’s licensed for 3 kW-D, 7.6 kW-N, DA2. However, it has plans to change that, with a CP for 8.5 kW-D, 5 kW-N, and on top of that, an application to go to 15 kW-U.