Norsan Consulting and Management has a deal to sell its WSOS-AM, licensed to the first permanent settlement in the US, St. Augustine FL and serving the area to the south of the younger settlement to the north, Jacksonville.
Norsan will still have three stations in the market once the deal closes, WNNR-AM Jacksonville FL, WEWC-AM Callahan FL and WVOJ-AM Fernandina FL, as well as radio interests in both North and South Carolina.
It will be the only radio property of the buyer, Kevin Geddings’ GLK Consulting. Geddings will pay $75K for the station, with half of the amount going into escrow and all of it due in cash on closing day.
The station is a Class D day-timer on 1170 kHz, with 710 W. It’s primary contour just misses the southern edge of Jacksonville’s urbanized area.
As is generally the case these days, the station has traded in the not-so-distant past for considerably more money. Check out this history:
* Nancy Epperson’s Chesapeake-Portsmouth Broadcasting sold it as WKLN-AM to Mike Smith and his Westshore Broadcasting for $225K in a 5/2/02 deal.
* Westshore packaged it with WSOS-FM and sold it to Bruce Buzil’s Lakeshore Media for $4M in December 2002. The FM subsequently was sold to Renda Broadcasting for a profit, bringing in $7.75M pursuant to a 10/29/04 deal. Renda is still operating it with the same calls.
* Now using licensee name 3 Point Media – Florida, Buzil sold WSOS-AM Norsan in August of 2005 for $300K, making a profit of $75K.
As we pointed out, $75K is the total price of the current deal. Welcome to the modern world of station trading.