A multifaceted series of deals will result in Eric Jorgensen’s Sea-Comm Inc. adding a station to its Wilmington NC radio cluster while remaining within the local FM ownership cap. It’s buying one FM, and trading another for an AM in the market.
Here’s how it all shakes out:
Sea-Comm is acquiring WSFM-FM Oak Island NC from Sunrise Broadcasting, which is a subsidiary of Jim Goodmon’s Capitol Broadcasting Company. According to John Cunney of Patrick Communications, who brokered the deal, the price will be $825K.
To make room for WSFM, Sea-Comm is trading down. It’s sending WUIN-FM Carolina Beach NC to Carolina Christian Radio Inc., headed by James J. Stephens Jr., in exchange for CCR’s WMYT-AM, licensed to the same community. It’s a stick swap, with each party will hanging onto call letters and intellectual property. CCR will also kick in $150K, payable via promissory note.
At Sea-Comm, WSFM-FM and WMYT-AM will join a cluster that already includes WBNE-FM Wrightsville Beach, WLTT-FM Bolivia and WNTB-FM Topsail Beach.
CCR will be going from three AMs in Wilmington to two AMs and an FM. It will retain its two Wilmington-licensed AM stations WWIL and WLSG. It also has FMs in the area that weren’t included in its consolidation report appended to the contract, including WZDG-FM, WDVV-FM and WWIL-FM.
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