Four stations in the Fort Wayne IN market are being sold for a nominal $100 along with unspecified debt assumption. Summit City License Sub LLC is selling the three-FM, one-AM cluster in conjunction with Northwest Capital Partners LLC.
The buyer is Summit City Licenses LLC, which is closely related to brokerage firm Media Venture Partners. MVP’s Brian Pryor is taking responsibility for the group, and will eventually be seeking a buyer for it.
It includes Standards combo WGL AM-FM on 1250/102.9, Rocker WXKE-FM on 103.9 and Rhythmic WNHT-FM on 96.3.
Pryor said that local management is doing a good job of getting the stations back on track, so patience is the name of the game. The push to sell them will begin in earnest down the road. Pryor explained, “…we intend to continue to focus on operations and realize the full potential of the cluster.”