Gospel 1320 WCVG has been sold

[microbob]

According to Tom Taylor's Newsletter, WCVG has been sold to Caleb Foster’s Reign Enterprises for 450,000. No word on if the format will stay or go.

 

[Imlivinontheair]

According to Tom Taylor's Newsletter, WCVG has been sold to Caleb Foster’s Reign Enterprises for 450,000. No word on if the format will stay or go.

According to the FCC's database the application for the transfer was filed yesterday. We'll have to see what happens.

 

[microbob]

The buyer is the current GM of of Co owned WMKM Gospel 1440 in Detroit MI so I doubt the format will change. $450,000 seems high for 1320 with no translator. Although Great Lakes Radio paid a little over $472,000 six years ago. So they did get some of their money back that they originally paid for the station.

 

[jry]

The buyer is the current GM of of Co owned WMKM Gospel 1440 in Detroit MI so I doubt the format will change. $450,000 seems high for 1320 with no translator. Although Great Lakes Radio paid a little over $472,000 six years ago. So they did get some of their money back that they originally paid for the station.

Kind of comical. We were offered that stinker just before Tim bought it for a lot less than 472. In my opinion, this employee is not getting any deal. The sellers broker offered it to us for a lot less than 450. Tim is getting a large down payment and financing the balance. Also, they had a deal on the table to sell the tower site and do a short term lease for 1320. Then, they'd have to move it. In that scenario, we could have been in for 200K. I told him that he should just hold out for a little more money and just turn in the license. With DBZ and GRI both getting FM Translators, CVG is going to be the odd man out. How can you service the debt on 450 with what they're doing on the air? I feel bad for the guy. This might be his only opportunity to be an owner.
I've operated in Detroit for decades. There's always someone wanting to buy airtime. Profitability is no problem there. The rates are good as well. We'll see....

 

[microbob]

If he's lucky, the tower site could sell for 200k. That part of Covington KY is not doing very well economically as a lot of businesses have moved out of that area. I do question the profitability of doing Gospel on an AM signal that does not have full market coverage and no hope in getting a translator. I know they tried Spanish on it for a few years before moving to 97.7. I bet that was more successful financially than their current format. I'd say they should go after a different niche in the market, other than Gospel. Maybe local sports talk could work with coverage of High School sports in Northern KY. I'm not sure of it though.

 

[Bill from White Plains!]

jry, how can you call 1320 a stinker when 1160 doesn't even register in the Nielsens? Yes, I see all of the stations. 1050 barely gets above the line, and 1160 doesn't show at all in any daypart. You can cast stones at 1320 all you want, but they've been doing Urban Gospel for over 20 years (except for that short Spanish/Classic Country detour for a year) and I'll bet they're still the station that audience goes to. You really haven't set the world on fire with those stations since WDJO moved to 1480.

microbob, that area of Covington is fine. The land is valued around $170K and is adjacent to the train tracks. Plenty of business there still. And why can't they get a translator? Not the same people on 97.7 who were on 1320 doing Spanish. They didn't "move." Different group entirely.