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Could Nextmedia sell Canton

N

northcoastradio

Guest
As you might have seen....or not....

WFNN-AM, WJET-AM, WFGO-FM & WRTS-FM/Erie, WUSE-FM/Fairview (Erie) and WRKT-FM/North East (Erie)
PRICE: $17.38 million
TERMS: Asset sale for cash

BUYER: Connoisseur Media, headed by VP Larry Weiss. Phone: 203-227-1978. It owns three other stations. This represents its entry into the market.
SELLER: NextMedia Group, headed by President Skip Weller. Phone: 303-694-9118
FREQUENCY: 1330 kHz; 1400 kHz; 94.7 MHz; 103.7 MHz; 93.9 MHz; 100.9 MHz
POWER: 5kw; 1kw; 2kw at 614 feet; 50kw at 499 feet; 6kw at 299 feet; 4kw at 797 feet
FORMAT: Sports; News/Talk; Oldies; Hot AC; Country; Rock
BROKER: Michael Bergner of Bergner & Co.
COMMENT: A $875,000 escrow deposit has been made by Connoisseur.

I know that Connoisseur is starting a station in Huntington and rumor has it they might aquire Kindred (Huntington). Do you think they will buy NextMedia Ohio? That woudl include WHBC AM/FM and who knows...maybe they would try to buy back WRQK and maybe have an eye on WZKL (that would be nice).

Anyhow, just my thoughts!

NORTHCOASTRADIO
 
Rumor (unsubstantiated) has it that 'RQK is for sale. But I'm guessing that most stations are "for sale" but probably at a riduculous price. This isn't the 90's though, so station prices have come down a lot. I worked for Connoiseur when they owned stations here in Ohio, and there's no way Jeff is going to pay inflated prices. As far as Nextmedia's stations in Canton: They paid a reported 43 million for the 'HBC's. There's no way they'd get anything near that now, so it wouldn't seem to make much financial sense to sell.


> As you might have seen....or not....
>
> WFNN-AM, WJET-AM, WFGO-FM & WRTS-FM/Erie, WUSE-FM/Fairview
> (Erie) and WRKT-FM/North East (Erie)
> PRICE: $17.38 million
> TERMS: Asset sale for cash
>
> BUYER: Connoisseur Media, headed by VP Larry Weiss.
> Phone: 203-227-1978. It owns three other stations. This
> represents its entry into the market.
> SELLER: NextMedia Group, headed by President Skip Weller.
> Phone: 303-694-9118
> FREQUENCY: 1330 kHz; 1400 kHz; 94.7 MHz; 103.7 MHz; 93.9
> MHz; 100.9 MHz
> POWER: 5kw; 1kw; 2kw at 614 feet; 50kw at 499 feet; 6kw at
> 299 feet; 4kw at 797 feet
> FORMAT: Sports; News/Talk; Oldies; Hot AC; Country; Rock
>
> BROKER: Michael Bergner of Bergner & Co.
> COMMENT: A $875,000 escrow deposit has been made by
> Connoisseur.
>
> I know that Connoisseur is starting a station in Huntington
> and rumor has it they might aquire Kindred (Huntington). Do
> you think they will buy NextMedia Ohio? That woudl include
> WHBC AM/FM and who knows...maybe they would try to buy back
> WRQK and maybe have an eye on WZKL (that would be nice).
>
> Anyhow, just my thoughts!
>
> NORTHCOASTRADIO
>
 
just a personal opinion but they wouldn't buy RQK alone.....
ZKL would have to be bought ( for example only) to make sense....

it does make sense that cumulus would have RQK for sale(but don't know it to be true).....in fact with the proceeds from the erie sale nextmedia could easily purchase RQK to add to WHBC A/F....

again..simply a point of view.....



> Rumor (unsubstantiated) has it that 'RQK is for sale. But
> I'm guessing that most stations are "for sale" but probably
> at a riduculous price. This isn't the 90's though, so
> station prices have come down a lot. I worked for
> Connoiseur when they owned stations here in Ohio, and
> there's no way Jeff is going to pay inflated prices. As far
> as Nextmedia's stations in Canton: They paid a reported 43
> million for the 'HBC's. There's no way they'd get anything
> near that now, so it wouldn't seem to make much financial
> sense to sell.
>
>
> > As you might have seen....or not....
> >
> > WFNN-AM, WJET-AM, WFGO-FM & WRTS-FM/Erie, WUSE-FM/Fairview
>
> > (Erie) and WRKT-FM/North East (Erie)
> > PRICE: $17.38 million
> > TERMS: Asset sale for cash
> >
> > BUYER: Connoisseur Media, headed by VP Larry Weiss.
> > Phone: 203-227-1978. It owns three other stations. This
> > represents its entry into the market.
> > SELLER: NextMedia Group, headed by President Skip
> Weller.
> > Phone: 303-694-9118
> > FREQUENCY: 1330 kHz; 1400 kHz; 94.7 MHz; 103.7 MHz;
> 93.9
> > MHz; 100.9 MHz
> > POWER: 5kw; 1kw; 2kw at 614 feet; 50kw at 499 feet; 6kw
> at
> > 299 feet; 4kw at 797 feet
> > FORMAT: Sports; News/Talk; Oldies; Hot AC; Country;
> Rock
> >
> > BROKER: Michael Bergner of Bergner & Co.
> > COMMENT: A $875,000 escrow deposit has been made by
> > Connoisseur.
> >
> > I know that Connoisseur is starting a station in
> Huntington
> > and rumor has it they might aquire Kindred (Huntington).
> Do
> > you think they will buy NextMedia Ohio? That woudl
> include
> > WHBC AM/FM and who knows...maybe they would try to buy
> back
> > WRQK and maybe have an eye on WZKL (that would be nice).
> >
> > Anyhow, just my thoughts!
> >
> > NORTHCOASTRADIO
> >
>
 
That makes a lot more sense. Canton would be a good market for Nextmedia to grow in. Maybe they will take helm of RQK. Rumor has it Cumulus has presented the offer to Clear Channel, D.A. Peterson, Connoiseur, Nextmedia. (D.A.Peterson owns Q92)

Last time I heard, Cumulus is asking approx 9.1 million for the station. To me thats a little pricy for that FM. But then again, what do I know. Now the interesting part is Clear Channel offered D.A. Peterson 23 million and he said nope! So I wonder if he just wont sell to CC or is it worth more.

It would be nice to see Nextmedia pick up WRQK and WZKL/WDPN. Maybe they could dump WDPN off to K-Love for $500,000.

In other very interesting news.....

CLEAR CHANNEL could be selling off some stations in the Mansfield area. Sources from a competitive radio operation in the market say...Clear Channel wants to keep lone 98.3 WXXR but has shown interest in selling off WXXF (Loudonville) and WFXN (Galion) IF THE PRICE IS RIGHT. Clear Channel is currently in the process of aquiring a new location just outside of Mansfield for both Ashland and Mansfield operations.

Sources say that BAS Broadcasting (recently purchased WMVO/WQIO Mount Vernon) is wanting to expand their Mount Vernon Broadcasting facility. They have possibly been in talks to pick up WXXF Loudonville.

As for WFXN....Who knows?

This is the latest that I have heard of any of this. If anyone can shed light...

NORTHCOASTRADIO



> just a personal opinion but they wouldn't buy RQK alone.....
>
> ZKL would have to be bought ( for example only) to make
> sense....
>
> it does make sense that cumulus would have RQK for sale(but
> don't know it to be true).....in fact with the proceeds from
> the erie sale nextmedia could easily purchase RQK to add to
> WHBC A/F....
>
> again..simply a point of view.....
>
>
>
> > Rumor (unsubstantiated) has it that 'RQK is for sale. But
>
> > I'm guessing that most stations are "for sale" but
> probably
> > at a riduculous price. This isn't the 90's though, so
> > station prices have come down a lot. I worked for
> > Connoiseur when they owned stations here in Ohio, and
> > there's no way Jeff is going to pay inflated prices. As
> far
> > as Nextmedia's stations in Canton: They paid a reported
> 43
> > million for the 'HBC's. There's no way they'd get
> anything
> > near that now, so it wouldn't seem to make much financial
> > sense to sell.
> >
> >
> > > As you might have seen....or not....
> > >
> > > WFNN-AM, WJET-AM, WFGO-FM & WRTS-FM/Erie,
> WUSE-FM/Fairview
> >
> > > (Erie) and WRKT-FM/North East (Erie)
> > > PRICE: $17.38 million
> > > TERMS: Asset sale for cash
> > >
> > > BUYER: Connoisseur Media, headed by VP Larry Weiss.
> > > Phone: 203-227-1978. It owns three other stations. This
> > > represents its entry into the market.
> > > SELLER: NextMedia Group, headed by President Skip
> > Weller.
> > > Phone: 303-694-9118
> > > FREQUENCY: 1330 kHz; 1400 kHz; 94.7 MHz; 103.7 MHz;
> > 93.9
> > > MHz; 100.9 MHz
> > > POWER: 5kw; 1kw; 2kw at 614 feet; 50kw at 499 feet;
> 6kw
> > at
> > > 299 feet; 4kw at 797 feet
> > > FORMAT: Sports; News/Talk; Oldies; Hot AC; Country;
> > Rock
> > >
> > > BROKER: Michael Bergner of Bergner & Co.
> > > COMMENT: A $875,000 escrow deposit has been made by
> > > Connoisseur.
> > >
> > > I know that Connoisseur is starting a station in
> > Huntington
> > > and rumor has it they might aquire Kindred (Huntington).
>
> > Do
> > > you think they will buy NextMedia Ohio? That woudl
> > include
> > > WHBC AM/FM and who knows...maybe they would try to buy
> > back
> > > WRQK and maybe have an eye on WZKL (that would be nice).
>
> > >
> > > Anyhow, just my thoughts!
> > >
> > > NORTHCOASTRADIO
> > >
> >
>
 
What about Youngstown?

RQK isn't the only Cumulus property rumored to be for sale. WPIC-AM in Sharon has also been rumored to be up for sale too. it makes sence...the Pic tower came down last april and i don't know if a new one is up yet, and the building isn't in the best of conditions either. Also from what i heard RQK isn't in the best of shape either. The real question is....does Larry try to buy something in youngstown? if this is the same larry weiss i'm thinking of....wasn't he the old gm of WBBG, WRTK (when they were on simon rd) WHOT, WBBW and WPIC when Connoiseur owned them before cumulus bought them? just for the record...WBBG and WRTK (now WNIO) were sold to off a time or two and are now owned by clear channel, the rest of the connoiseur stations were sold to cumulus if i am correct.
 
NextMedia is selling whatever it can, for whatever it can get..

My sources tell me they took a seven million dollar hit on the Erie sale, but it does pay off one of their two 10.75 million dollar payments they must make at the end of the second and fourth quarters as part of their debt servicing...and gives them some cash on hand..

They also refinanced 200 million of their long term debt..documents avaliable at nextmediaradio.com in ''other news''..and whoever has it now can demand payment as early as July 1, 2006..

I've heard predictions 'HBC could be sold as early as this summer..watch for their Saginaw, MI cluster to go before that..NextMedia got in a bidding war and ending up paying 50 million for a five station cluster..

The offical selling price for the WHBC combo was 43.5 million..an purchase driven by ego and hubris..and no small degree of stupidity..

My understanding is that the combo in Canton could go for somewhere between 30 and 35 million..which is what it should have sold for in the first place..
 
Re: What about Youngstown?

I think the smaller stations in the Ytown and Canton markets are probably perpetually "for sale" and that there are lots of discussions and offers/counter-offers going on between the group owners or individual owners all the time. Whether the chatter actually will amount to anything....who knows.


> RQK isn't the only Cumulus property rumored to be for sale.
> WPIC-AM in Sharon has also been rumored to be up for sale
> too. it makes sence...the Pic tower came down last april and
> i don't know if a new one is up yet, and the building isn't
> in the best of conditions either. Also from what i heard
> RQK isn't in the best of shape either. The real question
> is....does Larry try to buy something in youngstown? if this
> is the same larry weiss i'm thinking of....wasn't he the old
> gm of WBBG, WRTK (when they were on simon rd) WHOT, WBBW and
> WPIC when Connoiseur owned them before cumulus bought them?
> just for the record...WBBG and WRTK (now WNIO) were sold to
> off a time or two and are now owned by clear channel, the
> rest of the connoiseur stations were sold to cumulus if i am
> correct.
>
 
You're right. When they bought the HBC combo, my jaw dropped at the 43 million.
Granted the HBC combo are pretty dominant in Canton, but there's no way they could even begin to pay for themselves anytime soon.
Interesting about their debt servicing......serves them right. Here's hoping more of this starts happening to all the stock market radio companies and we get some more private ownership and sanity back into our profession.





> NextMedia is selling whatever it can, for whatever it can
> get..
>
> My sources tell me they took a seven million dollar hit on
> the Erie sale, but it does pay off one of their two 10.75
> million dollar payments they must make at the end of the
> second and fourth quarters as part of their debt
> servicing...and gives them some cash on hand..
>
> They also refinanced 200 million of their long term
> debt..documents avaliable at nextmediaradio.com in ''other
> news''..and whoever has it now can demand payment as early
> as July 1, 2006..
>
> I've heard predictions 'HBC could be sold as early as this
> summer..watch for their Saginaw, MI cluster to go before
> that..NextMedia got in a bidding war and ending up paying 50
> million for a five station cluster..
>
> The offical selling price for the WHBC combo was 43.5
> million..an purchase driven by ego and hubris..and no small
> degree of stupidity..
>
> My understanding is that the combo in Canton could go for
> somewhere between 30 and 35 million..which is what it should
> have sold for in the first place..
>
 
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