The Archway trainwreck is finally over........
It was reported 4 years ago they paid $9+million dollars for those stations which included 98.3 WLGT and WWNF (which they reprtedly sold to Curtis 2 years ago for about $1 million dollars). And one can only assume they have a deal for WLGT which should not sell for more than $750,000.
Now, depending on who you talk to they have sunk somewhere in the neighborhood of $2 million bucks into the operation of these signals over the last 4 years....which brings their total investment to around $11 + million bucks.
Here's the math:
BUYING
$ 9,000,000 + Original Purchase price (6 FM signals)
2,000,000 + Additional investment
____________________________
$11,000,000 + Total For 6 FM signals
SELLING
$1,000,000 WWNF to Curtis (Approximate)
$ 750,000 WLGT (Estimated)
$4,000,000 WRHT/WRHD/WWHA/WWNK (Inner Banks Media)
_____________________________
$5,750,000 Total For Same 6 FM signals
$11,000,000
- $ 5,750,000
____________
-$ 5,250,000 Profit/Loss
A lot more can be said but nothing more needs to be said....these numbers conclude the final chapter of this very ugly Archway Broadcasting story!