What did the physical therapist say to the Main Street guy?
The correct answer, based on an Asset Purchase Agreement filed Tuesday (10/30) with the Commission, is, “Let’s make a deal!”
The station involved is a heritage Class A serving the eastern end of New York’s Long Island.
For the purchase price of $3.9 million, Bark Out Loud Dogs (BOLD) Media — a newly formed entity wholly led by New York-based physical therapist Sandra Foschi — is acquiring WLNG-FM 92.1 in Sag Harbor.
The seller is the Main Street Broadcasting Company.
WLNG airs an Oldies format that speaks to the heritage of WCBS-FM 101.1 in New York, focusing on classic hits from the 1950s through the 1970s. PAMS-style jingles can be heard introducing such records as “Over You” by Gary Puckett & The Union Gap.
Main Street President Gary Sapiane, who signed off on the asset purchase agreement, explained to RBR+TVBR why WLNG is being sold.
“We are owned by a family trust, and it can’t stay in a trust forever,” he says. That’s because Main Street principal Robert King passed away eight years ago this December. “They came to us, and we were able to do a sale.”
Sapiane is one of the trustees, and as such he welcomes Foschi’s purchase.
New York-based media broker John W. Saunders was the exclusive broker for this transaction.
“We are happy to be working with them,” Sapiane says. “It is going to someone in the community and it is not like a big conglomerate bought us up.”
For fans of songs such as the 1962 hit “Beechwood 4-5789” by the Marvelletes and “chime time” formats reminiscent of “Musicradio77 WABC,” early indications are that WLNG will keep its format, Sapiane hints.
The bulk of the funds tied to Foschi’s purchase of WLNG is for the waterfront real estate housing its offices and studios. Some $3.2 million is attributed to property at Redwood Road in Sag Harbor, while $125,000 is attributed to 1017 Millstone Road in Sag Harbor, where WLNG’s broadcast tower sits.
Thus, $575,000 is the price Foschi is paying for the broadcast license of WLNG and all radio station assets.
A $195,000 escrow payment has been made to Main Street, with the remainder due at closing, which will take place at the offices of Rini O’Neil PC.
Foschi owns no other broadcast interests, but she’s very much connected to someone in the local media.
Foschi’s husband is Bill Evans, the popular Senior Meteorologist at WABC-7 in New York who can be seen weekday mornings.
It is Evans’ career in radio that is likely the root of Foschi’s interest in radio station ownership.
In addition to his WABC-7 role, Evans offered weather updates on WABC-AM, WPLJ-FM and WNSH-FM in New York, as well as WGCH-AM “Business Talk Radio” in Greenwich, Conn.
Before joining WABC-7 in 1989, he was a Meteorologist at WFAA-8 in Dallas while also appearing in mornings on the former KHYI-FM “Y95” in Dallas (now KLTY-FM).
Before that he was Meteorologist for WALA-10 in Mobile, Ala. — and was also heard in morning drive on the former WABB-FM in Mobile.
Evans began his broadcasting career at the age of 13 in his hometown of Meridian, Miss. — as an air personality on WDAL-FM (now WJDQ).