We knew that Cox Radio was not only getting rid of its two AM stations in the Stamford-Norwalk CT market, it was also sending them out of the commercial world and into the realm of the non-profit universe. Now we know how much the two AMs are worth.
First, to recap, Cox is selling WSTC-AM Stamford CT and WNLK-AM Norwalk CT to Sacred Heart University Inc.
Sacred Heart owns and operates WSHU-FM Fairfield CT, WSHU-AM Westport CT, WSUF-FM Noyack NY and a platoon of FM translators. It also provides programming for WQQQ-FM Sharon CT and WYBC-AM New Haven CT.
It will pay $500K cash for the two AMs.
The application included a contract for an LMA scheduled to kick in 11/7/11. The buyer, who documented its intention to officially license the two stations as NCEs, will have the non-profit version of a JSA under terms of the LMA – it will be allowed to benefit from any underwriting deals it is able to strike.
SHU has promised to bolster the news operations of the stations, and will hire staff to that end.
“As a public radio station, we consider ourselves to be a community resource, and we always look for ways to increase the service we provide our community,” said George Lombardi, SHU’s General Manager. “We are thrilled about this new opportunity, as we can now serve Norwalk, Stamford and Greenwich with an expanded, more reliable broadcast signal than we ever had before and by bringing our award-winning local reporting, insightful news and talk, and programs. WSHU has been deeply rooted in Fairfield County for 30 years, and we look forward to expanding our services in lower Fairfield County.”