Is FM THAT expensive??
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ESPN 98.7 FM to be no more come August 31, 2024
- Thread starter NYAZSporty
- Start date
Emmis is going to retire from what the public media spoke about.
I like your analysis, Ryan, and I had forgotten about WBLS and WQHT as comps.
I'm now feeling a bit gun shy about my earlier prognostication of "probably $40 million."
I do feel $35 million is achievable. A good FM stick in Detroit just went for $10 million. The 65 dBu of 98.7 WEPN probably reaches 3.5x as many people.
92.1 in Houston went for a puny $7.5 million, but that was a "dump it and run" scenario involving a relatively obscure station.
As always, anything could happen if at least two determined buyers get into a bidding war.
And it is definitely not a full market signal... it is almost a rimshot.
Connoisseur isn't going to buy it. In 2018 they sold WDRC-FM in Hartford because rthey said it was difficult to make money owning one FM station in a market. And Hartford is a much smaller market than NYC.
EMF? Do they still have 3 networks? If not what's the point? A better signal for Air 1? Sure, but then they would probably sell 96.7
EMF? Do they still have 3 networks? If not what's the point? A better signal for Air 1? Sure, but then they would probably sell 96.7
It's not like radio needs another nail in its coffin but that would be it.
More than 15,000,000 people in the 60 dBu of 98.7.
Perhaps we could add to the mix the possibility that a Russian language broadcaster may be interested in purchasing 98.7. There are 3 existing Russian stations leasing HD subchannels, plus an AM station. All appear to have plenty of commercials. There is a large, rather affluent Russian community in this area.
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That's an interesting idea. Legally the owner would have to be a US citizen, and follow the FCC rules about being a foreign agent.
They might have plenty of commercials, but at what rate? Traditionally ethinic spots sell for far less than spots on major stations. To support a 50 million (or even a 35 million) acquisition, you have to be getting top dollar for your spots. Unless there was Russian government money--and that opens a whole nother can of worms, I don't see Russian interests acquiring this station. IMO The only non-english format that would be viable would be a Spanish language format.
Not likely. Those are all majority white formats, and NY is not a majority white city.
They all either currently exist, or have been tried and failed.
Unless someone has deep pockets with a vested interest in one of those genres, there is no upside.
I'm thinking NY Public Radio may be the most likely buyer. Yes, NY Public Radio has had some recent layoffs. But for years it made so much money, it still is crazy overstaffed. It actually has BEAT reporters in its news department, someone assigned full time to schools, someone doing trials, someone else assigned to the environment. Even the All-News stations can't do that. How many people are needed for a weekly syndicated show such as "On The Media"? It has a host (until recently two hosts). It has an executive producer. It has SIX regular producers. Then there are other staffers. For a one-hour weekly show!
Classical 105.9 WQXR is only powered at 610 watts, atop the Empire State Building Most other NY FM stations, including 98.7, are around 4 to 6,000 watts from the ESB. And if it bought 98.7 for WQXR, NY Public Radio could sell 105.9 to another broadcaster.
Two of NYC's biggest radio owners are maxed out. Both iHeart and Audacy have five FM stations and can't add more. Cumulus has exited NYC. Other big broadcasters like Cox, Hubbard and Beasley wouldn't want a stand-alone FM.
How about the two Latino owners? Univision owns WXNY and SBS owns WSKQ and WPAT-FM. They could add another station. But there really isn't a Spanish-language format that New York doesn't have, at least nothing that would be worth the $50 million price tag. WXNY and WSKQ are Contemporary/Reggaeton. WPAT-FM is a mix of Latin AC with other genres. Univision tried Regional Mexican on suburban 92.7, then tried another music format, then a talk format. Eventually it sold 92.7 to Family Radio.
So what's left? A Christian owner? VCY recently bought 103.9 but that's a suburban signal. Could that be spun off with VCY moving to 98.7? Some have said EMF. But it has WPLJ for its K-Love format and suburban 96.7 for Air 1. It usually is happy to run Air 1 on a lesser signal as long as K-Love gets the full-power signal. Maybe Family Life of NY/Pennsylvania? It has about a dozen stations in upstate NY and PA. Could it afford a NYC outlet? Or how about Family Life of Michigan, a totally different company. It just bought a full power FM in Detroit for $10 million. Does it have enough money left over for a NYC outlet?
Or maybe Emmis will just have to sell 98.7 to the highest bidder, whoever that may be, even if that's far from $50 million.
Classical 105.9 WQXR is only powered at 610 watts, atop the Empire State Building Most other NY FM stations, including 98.7, are around 4 to 6,000 watts from the ESB. And if it bought 98.7 for WQXR, NY Public Radio could sell 105.9 to another broadcaster.
Two of NYC's biggest radio owners are maxed out. Both iHeart and Audacy have five FM stations and can't add more. Cumulus has exited NYC. Other big broadcasters like Cox, Hubbard and Beasley wouldn't want a stand-alone FM.
How about the two Latino owners? Univision owns WXNY and SBS owns WSKQ and WPAT-FM. They could add another station. But there really isn't a Spanish-language format that New York doesn't have, at least nothing that would be worth the $50 million price tag. WXNY and WSKQ are Contemporary/Reggaeton. WPAT-FM is a mix of Latin AC with other genres. Univision tried Regional Mexican on suburban 92.7, then tried another music format, then a talk format. Eventually it sold 92.7 to Family Radio.
So what's left? A Christian owner? VCY recently bought 103.9 but that's a suburban signal. Could that be spun off with VCY moving to 98.7? Some have said EMF. But it has WPLJ for its K-Love format and suburban 96.7 for Air 1. It usually is happy to run Air 1 on a lesser signal as long as K-Love gets the full-power signal. Maybe Family Life of NY/Pennsylvania? It has about a dozen stations in upstate NY and PA. Could it afford a NYC outlet? Or how about Family Life of Michigan, a totally different company. It just bought a full power FM in Detroit for $10 million. Does it have enough money left over for a NYC outlet?
Or maybe Emmis will just have to sell 98.7 to the highest bidder, whoever that may be, even if that's far from $50 million.
Not likely. There are no national campaigns in Russian, and there would be little or no local agency business. All the clients are going to be local direct community businesses.
It took decades for Spanish language radio to become "mainstream" with national campaigns and Spanish creative. And that was when there were Spanish language stations in several dozen larger markets and many more in smaller towns in TX, NM and CA.
A number of stations are now 100% owned by non-citizens. It might be challenging for people from an unfriendly nation, but not impossible
WSKQ is Dominican first, music second. WPAT is Dominican first and last. The music is very Dominican flavored with lots of stuff that was never heard elsewhere.
Regional Mexican is a distinct full signal possibility, as that is the fastest growing market in NYC. But, even more possible is a station all in English including music aimed at second and third generation Hispanics, mostly Puerto Rican, Ecuadorian, Colombian and a few Cubans.
This is exactly the reason why the FCC puts stipulations on its waivers for foreign ownership. They want to be able to approve or deny an owner based on danger to the security of the US. Two radio stations, owned by US citizens, air Radio Sputnik, and their owners were required to file as foreign agents. There is a Ukranian group that has filed a petition to deny a sale agreement because the owner broadcasts Russian propaganda. That's the door that would be opened here.
The largest ethnic group in New York City is white. The second largest ethnic group in NYC is Hispanic or Latino but they are fragmented into groups from different regions who don't all listen to each other's music.
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