Two stations and three non-profit entities are involved in transactions in the Fort Myers-Naples market that will put new owners at the reins of two FM stations – and will preserve the third entity’s involvement with one of the stations for at least eight years.
As reported by RBR-TVBR, the key deal is the sale of WAYJ-FM from WAY Media Inc., headed by Robert D. Aubsberg, to Classical South Florida Radio, headed by Bob Nelson and Doug Evans. That deal is going in the books at $4.35M. CSF will put $220K into escrow, pay $3.38M cash at closing and strike a promissory note for $250K.
The station will join stations in Miami and West Palm Beach in the CSF portfolio, and will be listed in the group directories along with many more under the auspices of American Public Media Group.
WAYJ is a Class C1 on 88.7 MHz with 75 kW @ 1,007’, providing excellent coverage of the entire market.
WAY becomes a buyer in the other deal, picking up WSRX-FM Naples from Family Christian Broadcasting Network, headed by Tim Neptune. In this deal, WAY will pay a $50K deposit (said to be in lieu of an escrow deposit), will plunk down $1.15M in cash at closing, and will strike a promissory note for $300K. In addition to that, it will provide FCMN with $75K worth of underwriting air time for a period of eight years, bringing the total value of the deal to $1.575M.
WSRX is also a Class C1, on 89.5 MHz with 100 kW @ 309’. It’s signal is oriented to the Naples, or southern portion of this geographically far-flung market, and it’s primary signal gets close to but not over Fort Myers. Of course, its secondary contour does make it into the municipality.