When word came out that a buyer had been found for WNWV-FM Elyria OH, the principals in the deal decided to keep a lid on the price. However, we now have access to the bottom line figure for the station which is part of the Cleveland market and also covers Akron.
The Adult Alternative outlet is going from Elyria-Lorain Broadcasting to Tom Mandel’s Rubber City Radio Group Inc., which owns three stations in Akron, which also get into the nearby Cleveland market.
The price for WNWV will be $6.5M cash. The contract calls for an escrow deposit of $250K.
Rubber City’s stations include WAKR-AM and WONE-FM Akron and WQMX-FM Medina. The two FMs are among the top stations in the Akron Arbitron charts.
WNWV pulls better numbers in Cleveland. WQMX was treated as home to Cleveland in the local ownership study filed with the FCC. However, the one-AM, three-FM cluster would fly safely under the cap in either case.