Gross Communications Corporation is exiting the ranks of single-station owners and operators with the sale of Smooth Jazz 103.1 WLOQ-FM in Orlando. However, the licensee will also be able to concentrate on the station as a one-and-only occupant of its ownership portfolio.
The buyer is TTB Media Corporation, headed by Eran Schreiber, a company which lists no other media interests. According to the contract, however, the majority of the capital behind the acquisition is coming from a company that does have broadcast ownership roots, Lindemann Capital Partners L.P.
The price will be $8.037M cash. A time brokerage agreement is scheduled to kick off 8/1/11.
The station, a Class C2 with 22 kW @ 745’, says that it is “Where Central Florida comes to relax and unwind.”
Seller James Gross specified a few items in the contract that will not convey to the new owner, including intellectual property related to jazz, including websites, databases and jazz-related concert events.
Seller Gross took time to write a letter of farewell to his “advertisers and friends.” Here’s what he had to say:
To our many advertisers and friends,
It is with much sadness, yet also with great thanks and appreciation that I share with you my family’s decision to sell 103.1 WLOQ and exit Orlando radio after 34 wonderful years.
What can one say about a family, radio staff, and you . . . all who have been responsible for creating the iconic format and community that is 103.1 WLOQ? “The first of its kind”, “family owned & operated”, “the last of the independents” – these and every phrase fall short, when describing what has been life long friendships of the rarest kind.
From the Gross family, past and present staff at 103.1 WLOQ, please join us in our final weeks on-air as we bring listeners, past personalities, musical super stars, community builders, and you together for one last celebration of all things 103.1 WLOQ. You won’t want to miss it!
Once again, on behalf of my family and staff please accept our deepest gratitude and most heartfelt thanks for 34 fantastic years! Our very best wishes to you and yours.
Sincerely,
Jim Gross
Co-CEO
Gross Communications Corporation
