New deal struck for Florida Keys FM

0

A contract has been filed to sell WWWK-FM to a new entrant into radio ownership, SMS 3 Communications. An earlier deal to sell the Islamorada FM station failed to make it to the finish line.


The seller is LSM Radio Partners LLC, headed by Bruce G. Danziger. With partners, he has an interest in Vox Communications, which owns three other Florida Keys stations, including WAVK-FM Marathon FL, WCNK-FM Key West FL and WWUS-FM Big Pine Key FL. Vox is also active in parts of New England and Virginia.

The buyer is headed by Isidro Gonzalez. SMS 3 takes pains on the application to state that it is an eligible entity, and although it has no need of that designation in the current transaction, it wants it known that it may enforce that status in the future.

The price of the acquisition is $1M.

An earlier deal with Caribbean Broadcasting Systems memorialized in a contract dated 8/7/08 failed to reach the finish line. Caribbean had been LMAing the station since 5/15/07. In fact, troubles in that arrangement resulted in LSM getting hit with a dual FCC fine for an EAS violation as well as a main studio violation. The 2008 Caribbean deal was valued $2.3M

The current contract mentions a deal with Centcorp Investments Ltd. struck in August 2010, but notes that interim deadlines to keep it exclusive have not been met. Nonetheless, if Centcorp is able to enforce its right to acquire the station, the SMS 3 deal will unwind.

LSM originally bought the station from Clear Channel back in 2003 for $600K.

WWWK-FM is a Class C2 on 105.5 MHz with 50 kW @ 430’. It is in the northern portion of the Keys, with a 60 dBu signal that does not make it to the market’s southwest anchor of Key West. Its signal, centered in Largo, makes it as far as Layton in that direction, and it cruises up the mainland as far as Homestead, a community to the south of Miami.