From North East Radio Watch: Way back in December 2006, NERW was the very first to report that Clear Channel had begun shopping its Long Island properties, WALK-FM (97.5 Patchogue) and WALK (1370 East Patchogue), to prospective buyers.
More than a year later, those stations are finally about to leave the Clear Channel fold, even though they've yet to find a buyer. On Thursday, the FCC released its decision approving the as-yet-unfinalized deal that will take Clear Channel private under the ownership of the Thomas H. Lee and Bain Capital private equity funds. To keep the new privatized Clear Channel under the FCC's current multiple-ownership limits, stations in several markets will be transferred to the "Aloha Station Trust" - and that includes the Long Island stations, which are nested into the New York market, where CC already owns the maximum five FM signals.
So WALK and WALK-FM will become Aloha holdings, with an FCC mandate to try as hard as possible to find a buyer for the stations within six months. ( Aloha should instruct the buyer that any deal is contingent upon them keeping the current air staff with no changes.)
More than a year later, those stations are finally about to leave the Clear Channel fold, even though they've yet to find a buyer. On Thursday, the FCC released its decision approving the as-yet-unfinalized deal that will take Clear Channel private under the ownership of the Thomas H. Lee and Bain Capital private equity funds. To keep the new privatized Clear Channel under the FCC's current multiple-ownership limits, stations in several markets will be transferred to the "Aloha Station Trust" - and that includes the Long Island stations, which are nested into the New York market, where CC already owns the maximum five FM signals.
So WALK and WALK-FM will become Aloha holdings, with an FCC mandate to try as hard as possible to find a buyer for the stations within six months. ( Aloha should instruct the buyer that any deal is contingent upon them keeping the current air staff with no changes.)
