Forks SOLD!

[SeattleObserver]

From today's Taylor on Radio-Info (Not on the news page, to my knowledge, moderator)

In Washington state – First Broadcasting of Dallas winds out of another deal, and this time it’s in an AM/FM combo way over on the Olympic Peninsula, on the other side of the Olympic Mountains from Seattle. Move-in specialist First was obviously interested in the FM when it sought the combo now known as KBIS at 1490 and KBDB-FM. They’re both licensed to Forks, WA, along Highway 101, and First filed to move the FM off of 103.9 down to 96.7, remaining a Class A. Hard to tell what it had in mind – clearing off the real estate around 103.9 for something else? But First is now in “sale” mode, and it’s dealing classic country KBIS and AC KBDB-FM to Washington state resident Steven Rhyner for about $103,300. That’s $100,000 in a three-year note with a $50,000 balloon payment at the end, plus about 3 grand worth of receivables. Rhyner’s been LMAing the stations since earlier this Fall. First takes a loss here – it bought then-KVAC (now KBIS) and then-KLLM (now KBDB-FM) in 2003 for $300,000.

 

[Bongwater]

From today's Taylor on Radio-Info (Not on the news page, to my knowledge, moderator)

In Washington state – First Broadcasting of Dallas winds out of another deal, and this time it’s in an AM/FM combo way over on the Olympic Peninsula, on the other side of the Olympic Mountains from Seattle. Move-in specialist First was obviously interested in the FM when it sought the combo now known as KBIS at 1490 and KBDB-FM. They’re both licensed to Forks, WA, along Highway 101, and First filed to move the FM off of 103.9 down to 96.7, remaining a Class A. Hard to tell what it had in mind – clearing off the real estate around 103.9 for something else? But First is now in “sale” mode, and it’s dealing classic country KBIS and AC KBDB-FM to Washington state resident Steven Rhyner for about $103,300. That’s $100,000 in a three-year note with a $50,000 balloon payment at the end, plus about 3 grand worth of receivables. Rhyner’s been LMAing the stations since earlier this Fall. First takes a loss here – it bought then-KVAC (now KBIS) and then-KLLM (now KBDB-FM) in 2003 for $300,000.

Wow! an AM/FM combo for $103,000!.....

Too bad it's in Forks.....

 

[bossbill]

First Broadcasting was trying to help get 104.3 Bellingham moved to 104.1 so that 104.5 "Covington" could upgrade. That required Forks to move from 103.9. First had a deal with the Forks owner to make the change, but the owner passed away. First took no chances. They bought Forks.

Forks moved down the dial, First no longer needed it. Meanwhile, that didn't help 104.3 Bellingham after all, because the Canadians beat them to the punch.

So First loses a few hundred thousand dollars in the Forks deal, ends up with Covington, less valuable than planned, in a terrible economy.

Timing is everything. If this whole scenario had played out a year sooner, maybe B'ham would be on 104.1, and Covington would have the upgrade to enable a move to Cougar Mountain.

Meanwhile my friend Steve picks up the opportunity of a lifetime... a relatively-isolated small market with the only stations in town, and an AM FM to boot. I wish him well. This is good for him and for the community.

Wolf