Sound Communications is going from a three-AM three-FM cluster in the Elmira-Corning NY market to a two-AM four FM configuration. The AM it’s trading away will have a new programming and sales staff, but has a deal to retain a partial connection to Sound via an SSA.
The other party in the transaction is PRG LLC, headed by Terrence Gilles, Kevin White, Jeff Aldrich and Mark Lebanooski. Sound is operated by Bettina Finn and Paige Christian.
Sound will be adding WKPQ-FM Hornell NY to its cluster. The Hot AC outlet will join a cluster that already includes News-Talkers WENI-AM and WENY-AM, AC stations WENI-FM and WENI-FM, and Classic Hits WGMM-FM.
In return, PRG gets Sports WCBA-AM Corning NY.
According to the contract, WCBA is valued at $6K, and WKPQ-FM at $350K, and as such, Sound will pay $344K cash to even things out.
The SSA covers items such as shared facilities, non-managerial administration functions, technical and maintenance sesrvices and any other items the parties agree to. But it expressly forbids any combined programming or sales operations – PRG will handle those aspects of the WCBA operation.
Sound bought its six station Elmira-Corning cluster pursuant to a 4/23/10 contract. It bought the sixpack from WS2K Radio for $1.425M in a deal brokered by industry veterans Frank Boyle and Dick Kozacko.
PRG acquired WKPQ from Bilbat Radio, typically for a higher price than it is now getting. PRG agreed to a $600K price tag in a contract dated 1/15/09.
An earlier 3/12/07 deal, in which Bilbat was planning to trade the station to Pembrook Pines Mass Media for WABH-AM Bath NY and $400K was dismissed.
Bilbat still had a mention in the brand new, just-filed contract. Sound will be picking up responsibility for a consent decree Bilbat entered into with the FCC to handle alleged public file violations between the years 2000-2006.