https://radioinsight.com/headlines/...s-sells-remaining-radio-newspaper-properties/
The value of the deal is at $5.7 Million.
The value of the deal is at $5.7 Million.
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Details On Ben Thompson’s Purchase Of WCLO/WJVL Janesville
- Thread starter Y2kTheNewOldies
- Start date
northpine.com article complete with some articles and links
http://www.northpine.com/blog/2019/06/07/big-radio-gets-bigger-with-purchase-of-competitor/
The chief executive officer of the Big Radio group along the Wisconsin-Illinois border is seeking federal approval to buy his group’s main competitor, but tells the FCC that the stations will be operated separately from the group he currently manages.
The deal calls for Big Radio CEO Ben Thompson to buy WCLO/1230, W224DE/92.7, and WJVL/99.9 (Janesville) from the Bliss family, which is exiting media ownership after 136 years. Sidney “Skip” H. Bliss announced plans to sell the company’s remaining radio stations and newspapers on Monday.
An asset purchase agreement that became available in the FCC database Friday morning lists the price at $5.75 million. The deal includes a separate $1 million non-compete clause for Sidney Bliss that will be in effect for three years.
Big Radio is owned by Ben Thompson’s father, Scott Thompson, and owns five stations that have some overlap with WCLO and WJVL. A statement about family member media interests included with the application to transfer their licenses tells the FCC that the combination would comply with FCC ownership caps, but says that the father and son’s stations “should not be considered jointly owned or controlled.”
“Scott Thompson and Big Radio have neither the time nor the desire to be involved in WJVL or WCLO, and will have no ownership, control or ultimate decision making capacity in any radio station licensed to Benjamin Thompson,” the document states.
The document says Ben Thompson wanted to acquire his own radio stations but will continue as an employee of his father’s company, saying he will have no “control or ultimate decision making capacity” over the stations owned by his father.
It goes on to say that Ben Thompson may seek advice from his father and that “there is a possibility of a future arms-length joint-sales agreement” between father and son. The deal will be financed with a loan secured by personal guarantees from both Ben and Scott Thompson.
WCLO and W224DE carry a News/Talk format, while WJVL runs a Country format.
The Big Radio group owns eight full-power stations and four translators in the region, including three formats in Rock County: Classic Rock on “The Hog” (WWHG/105.9 Evansville), “Iron Country” on WGEZ/1490 (Beloit) and W270CW/101.9 (Beloit), and `90s Hits “The Beat” on WBEL/1380 (South Beloit, IL), W222AU/92.3 (Beloit), and W255CZ/98.9 (Janesville).
WCLO/WJVL also have overlap with Big Radio’s WEKZ/1260 and WBGR/93.7 (Monroe).
With the purchase, the Thompsons would own all of the commercial radio stations licensed in Rock and Green counties, Wisconsin, and Stephenson County, Illinois (though NRG Media’s WSJY/107.3 [Fort Atkinson] transmits from Rock County.)
Meanwhile, the Janesville Gazette and the Marinette Eagle Herald, along with three weekly newspapers, are going to Adams Publishing Group. Adams owns numerous papers nationwide, including the Eau Claire Leader-Telegram and six weekly/semi-weekly papers in northern Wisconsin.
According to the company’s statement, the Bliss family has owned the Gazette since 1883 and WCLO since it was moved from southeastern Wisconsin to Janesville in 1930. WJVL, originally WJNS and then WCLO-FM, was added in 1947.
Thompson told the Gazette that listeners should not expect to hear much change from WCLO and WJVL.
Janesville Gazette article
https://www.gazettextra.com/no_mete...cle_5ca399b3-8630-5cc9-9024-a4d8c43fd458.html
http://www.northpine.com/blog/2019/06/07/big-radio-gets-bigger-with-purchase-of-competitor/
The chief executive officer of the Big Radio group along the Wisconsin-Illinois border is seeking federal approval to buy his group’s main competitor, but tells the FCC that the stations will be operated separately from the group he currently manages.
The deal calls for Big Radio CEO Ben Thompson to buy WCLO/1230, W224DE/92.7, and WJVL/99.9 (Janesville) from the Bliss family, which is exiting media ownership after 136 years. Sidney “Skip” H. Bliss announced plans to sell the company’s remaining radio stations and newspapers on Monday.
An asset purchase agreement that became available in the FCC database Friday morning lists the price at $5.75 million. The deal includes a separate $1 million non-compete clause for Sidney Bliss that will be in effect for three years.
Big Radio is owned by Ben Thompson’s father, Scott Thompson, and owns five stations that have some overlap with WCLO and WJVL. A statement about family member media interests included with the application to transfer their licenses tells the FCC that the combination would comply with FCC ownership caps, but says that the father and son’s stations “should not be considered jointly owned or controlled.”
“Scott Thompson and Big Radio have neither the time nor the desire to be involved in WJVL or WCLO, and will have no ownership, control or ultimate decision making capacity in any radio station licensed to Benjamin Thompson,” the document states.
The document says Ben Thompson wanted to acquire his own radio stations but will continue as an employee of his father’s company, saying he will have no “control or ultimate decision making capacity” over the stations owned by his father.
It goes on to say that Ben Thompson may seek advice from his father and that “there is a possibility of a future arms-length joint-sales agreement” between father and son. The deal will be financed with a loan secured by personal guarantees from both Ben and Scott Thompson.
WCLO and W224DE carry a News/Talk format, while WJVL runs a Country format.
The Big Radio group owns eight full-power stations and four translators in the region, including three formats in Rock County: Classic Rock on “The Hog” (WWHG/105.9 Evansville), “Iron Country” on WGEZ/1490 (Beloit) and W270CW/101.9 (Beloit), and `90s Hits “The Beat” on WBEL/1380 (South Beloit, IL), W222AU/92.3 (Beloit), and W255CZ/98.9 (Janesville).
WCLO/WJVL also have overlap with Big Radio’s WEKZ/1260 and WBGR/93.7 (Monroe).
With the purchase, the Thompsons would own all of the commercial radio stations licensed in Rock and Green counties, Wisconsin, and Stephenson County, Illinois (though NRG Media’s WSJY/107.3 [Fort Atkinson] transmits from Rock County.)
Meanwhile, the Janesville Gazette and the Marinette Eagle Herald, along with three weekly newspapers, are going to Adams Publishing Group. Adams owns numerous papers nationwide, including the Eau Claire Leader-Telegram and six weekly/semi-weekly papers in northern Wisconsin.
According to the company’s statement, the Bliss family has owned the Gazette since 1883 and WCLO since it was moved from southeastern Wisconsin to Janesville in 1930. WJVL, originally WJNS and then WCLO-FM, was added in 1947.
Thompson told the Gazette that listeners should not expect to hear much change from WCLO and WJVL.
Janesville Gazette article
https://www.gazettextra.com/no_mete...cle_5ca399b3-8630-5cc9-9024-a4d8c43fd458.html
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