A bankruptcy sale in the Atlantic City-Cape May NJ market has been completed. The stations are being sold by Atlantic Broadcasting of Linwood NJ LLC Debtor-in-Possession, and the buyer is an investment group made up by individuals who had a stake in the failed seller.
The licensee name used by the successful bidder is Longport Media LLC, a subsidiary of Intertrust Radio LLC that is headed by George K. Miller Jr. According to brokers Tom McKinley and George Reed of Media Services Group, the price is $4.2M. The deal was filed with the FCC 5/19/11, and a TBA was scheduled to begin six days earlier.
Atlantic originally acquired the stations from Access.1 for $9.5M in a deal struck 5/23/08.
The stations include 103.7 WMGM-FM Atlantic City, 98.3 WTKU-FM Petersburg, WWAC-FM Ocean City, and on the AM side, 1400 WOND-AM & 1490 WBSS-AM, both licensed to Pleasantville.
A stalking horse bid had been placed by an entity called Boardwalk Radio. It won’t the $126K break-up fee it wanted, but the court did award it $90K along with another$35K for expenses.