Four FM stations in eastern North Carolina, three of which are firmly ensconced in the state’s Outer Banks, are being sold to a company which also has a presence there. Also in the mix is a station a bit further inland.
The seller is Jason Baker’s Capsan Media LLC. It’ll get $200K for WVOD-FM Manteo, WZPR-FM Nags Head, WYND-FM Hatteras, all in OBX, and WFMZ-FM Hertford, a bit of a boat ride along Albemarle Sound to the west away from the coast.
The buyer is Hengooch Licensee, which in turn is owned 80% by James C. Wheat III’s Jasper L.C. and Allen B. Rider III’s Hengooch LLC.
Rider is the local overlap connection. He has an interest in Max Radio of the Carolinas LLC, which already operates stations in the area and has been working with the Capsan stations since 3/1/10 via an LMA. Max owns and operates WGAI-AM Elizabeth City, WQDK-FM Ahoskie, both inland, and two coastal stations, WCXL-FM Kill Devil Hills and WCMS-FM Hatteras.
Many of these stations were in former Arbitron market Elizabeth City-Nags Head. However, the area is no longer receiving ratings, so local cap limits are figured via the contour overlap rather than the Arbitron market definition.
Four markets are formed.
#1: WQDK-FM Ahoskie and WFMZ-FM Hertford
#2: WGAI-AM Elizabeth City, WCXL-FM Kill Devil Hills and WFMZ-FM Hertford
#3: WGAI-AM Elizabeth City, WCXL-FM Kill Devil Hills, WCMS-FM Hatteras, WVOD-FM Manteo and WZPR-FM Nags Head
#4: WCXL-FM Kill Devil Hills, WCMS-FM Hatteras, WVOD-FM Manteo and WYND-FM Hatteras.
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.