Radio deals make it to the finish line


A number of radio deals have been signed, sealed and delivered during the past few business days. Here is a summary of closings from small markets in the northern reaches of the Midwest, Washington DC, Jacksonville FL, Waco TX, Rocky Mount-Wilson NC and Norfolk-Newport News VA.

Jim Coursolle’s Heartland Radio finished its deal to acquire 66.67% of the company from Granite Equity, which remains as a minority partner. The stations include WCQM-FM and WNBI-AM, Park Falls WI; WATW-AM, WBSZ-FM, WJJH-FM and WNXR-FM. Ashland WI; WRJO-FM and WERL-AM, Eagle River WI; and WIKB-FM and WIKB-AM, Iron River MI. Coursolle pegs the price at $4.892M.

Huffines Media is now the official owner and operator of WMET-AM in the Washington DC market. The station was sold by CTM Media Holdings for $4M, with $1.3M paid in cash and the rest coming pursuant to terms of a $2.7M promissory note.

According to broker Mark Jorgenson, the sale of WBOB-AM and an FM translator in the Jacksonville FL market is complete. Nancy Epperson’s Chesapeake-Portsmouth Broadcasting was licensee of the former, and River Educational Media, for which see serves as President, sold the latter. The buyer, New Covenant Media, paid $1.49M for the stations.

The sale of KHCK-FM Waco TX is a done deal, says broker Todd Fowler. Univision sold the station to Waco Entertainment Group for $650K. The station is licensed to Robinson TX and gives the buyer three FMs in the market.

The sale of a Sharpsburg NC FM CP from Capitol Broadcasting Company to Pinestone Media Corporation is on the books. Patrick Communications brokered the $550K deal for the station destined to serve the Rocky Mount-Wilson NC market.

Chesapeake-Portsmouth Broadcasting was on the buyer’s side of the table in another recently-closed deal. It acquired WHKT-AM Norfolk VA from Radio Disney for $350K. Bill Schutz, Schutz & Company represented the seller and John Pierce & Company, represented the buyer.