Iorio expands Pennsylvania radio group


WHPA-FM Gallitzin PA is being sold to Frank Iorio Jr.’s Radio Partners LLC, adding a third market to the group’s Pennsylvania coverage area. The seller is Vernal Enterprises, headed by Nancy W. Schrecongost.
WHPA is in unrated territory west of Altoona PA.

The price for the station will be $610K cash. Iorio has already put $30K into an escrow account. An LMA was scheduled to begin 9/15/10.

Iorio is already active in an unrated portion of northwestern PA, with WNAE-AM &WRRN-FM Warren PA and WKNB-FM & WNAE-FM Clarendon PA. However, WNAE isn’t long for the cluster — Iorio filed 7/28/10 to sell the station to Family Life Ministries for $400K.

He also has a pair of AMs licensed to Beaver Falls, north of Pittsburgh. They are WMBA-AM and WBVP-AM.

RBR-TVBR note: If you read this article, chances are you have more than a casual interest in the buying and selling of media properties. Much of what goes into a deal goes into the contract, and knowing what kinds of things should go into the contract can help you make a better deal. RBR-TVBR has just the book for you: a guide to deal-craft that will pay for itself.

Click to purchase:  “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.