Is Deal for WCVO to Acquire WRFD Struggling?

[del_griffith]

Deal was announced in early August. Chatter has been there has been some difficulty in getting the deal done. And what about another potential suitor in the wings?

 

[gabigley1]

I have wondered about that myself. It looks like they have until December 24 to buy WRFD radio.
That is about 90 days after the FCC approved the sale of WRFD to WCVO-FM. So, unless the sales go
through in the next couple of weeks, the deal may be off. Of course, the station(s) may ask for an extension of time but it looks like the deal may be off if they don't ask for an extension of time in the next few days.

Here is the FCC application:

http://fjallfoss.fcc.gov/cgi-bin/ws.exe/prod/cdbs/pubacc/prod/app_det.pl?Application_id=1260602

 

[gabigley1]

WRFD says the deal is still in the process but further information is available.

 

[gabigley1]

Also, the sale won't take place until after the first of the year. That means they will request a extension of the sale from the FCC.

 

[Collision]

The longer it goes, the less likely it is to happen. It must be a money thing...why else would CVO be dragging their feet. Even though they just got $2.2M from the sale of their Zanesville signal, they must not have the other $1.8M needed to complete the deal. Baughman must have already blown through the $3.5M they received from selling part of the land a few years ago. The wise thing to do would be to walk away and use what money they have to keep the current operation afloat. What a mess!

 

[michiana_media]

The wise thing to do would be to walk away and use what money they have to keep the current operation afloat. What a mess!

Something that I have learned over the years... Everyone knows how to do your job, except you. This is proof.

 

[gabigley1]

Someone said the 4M Salem Media is asking for the property is to much money for what they have to offer. With the state of the economy now, that 4M dose seem like to much money now. Is the Bank and/or CVO having seconds thoughts about the deal? Normally, a deal like this would be a done deal by now.

 

[Collision]

Something that I have learned over the years... Everyone knows how to do your job, except you. This is proof.
[/quote]

Hey J.D. aka michiana_media:

I bet you learned this while working at WCVZ, the station CVO just sold. You are obviouly still a big fan of your former employer based on your posts throughout the years. Are you hoping they will hire you back someday? Also, I can tell you how to do your job if you want. ;D

My guess is the deal to sell the rest of the land is also struggling. They are probably counting on part of that money to buy WRFD. That land deal has been going on for many, many, many years. Pat Patterson couldn't get it done, and looks like Dan Baughman for the time being can't get it done either. However, I will give him credit for getting part of it sold.

Is $4M too much for WRFD? Probably, but not to CVO. If they can pay the entire amount in cash, that will definitely make things easier on the finances with no debt service.

 

[michiana_media]

Hey J.D. aka michiana_media:

Crud! You figured out who I am... I better come up with a new screen name to hide behind now...

I bet you learned this while working at WCVZ, the station CVO just sold.

Yes.. I did work at WCVZ.. the same WCVZ that could never get enough support, so CVCO sold it and put another station on the air in the same market with a much lower bottom line and then walked away from the deal with cash in hand. Makes sense to me.... Yes.. thats the WCVZ I worked at. I only left because I moved to Indiana to be closer to my G/F at the time... we have now been married for 3 years. God is good.

You are obviouly still a big fan of your former employer based on your posts throughout the years.

Yea.. I am. I left on good terms, and I have nothing to have bad feelings about. They were good to me when I was there. So, yea.. I am a fan of my former employer. I do still have friends there, so maybe I'm just hoping the best for them. It's just how I feel.

Are you hoping they will hire you back someday?

That's up to God. For now, Im just doing what He put me in Indiana to do.

I can tell you how to do your job if you want.

Please do. I would appreciate it. I am currently Morning show producer, Assistant Production & Music Director, and Assistant web master/ graphic artists for a Christian radio network in Northern Indiana with a weekly cume of 200,000+. Any advice you have that I haven't gotten from John Frost, Tommy Kramer or Brian Wright would be appreciated.

Like I said.. God is good.

 

[gabigley1]

Also, the sale won't take place until after the first of the year. That means they will request a extension of the sale from the FCC.

Salem has filed for a "Extension of Consummation" from the FCC yesterday:

http://fjallfoss.fcc.gov/cgi-bin/ws...xt=25&appn=101285799&formid=905&fac_num=58630

Salem waited for the very last second to file this with the FCC. The 90 day window for the approval of the sale
by the FCC expires on the 24th or 25th of December.

 

[xianbroadcaster]

I could see this deal taking another turn where Salem ends up purchasing WCVO...I am sure the deal originally started with Salem making the pitch to buy WCVO anyway, so maybe it will return.

 

[skippertthomas]

That's a possibility, with the exception that Salem has been telling most brokers to sell most properties under markets 25 to 30....

 

[del_griffith]

I don't know about market size, but they have stated during their quarterly earnings calls that they are divesting in markets where they cannot take advantage of scales of economies or where formats don't fit (a la the WKNR in Cleveland) or in markets where the upside is no longer there. And of course where there is upside in the sale of a property. But I don't recall them specifiying market size.

 

[xmusicmatt]

I don't see Christian Voice Of Central Ohio selling WCVO anytime soon... so we'll likely see Salem and CVCO come to terms in 2009 and WRFD change hands..

 

[xianbroadcaster]

I don't know that the sale woould go the other way at all, it is pure speculation on my part...just sort of wondering out loud...except I am using a keyboard.

Columbus is still a very strong market for the Christian radio and media biz.
Christian music radio has been alive and kicking in this market since 1980-something when 106.3 used to be a music intense format.

So, there are things in the market that could make it attractive to Salem to maintain their presence here, not to mention that RFD is paid for MANY times over and CVO's signal meets their criteria for what they want in a frequency purchase.

All that said, it's all speculation.

 

[xmusicmatt]

All that said, it's all speculation.

We could have fun with speculation... CVCO could sell 104.9 to someone else, and pick up 91.5 WHKC, 91.5 being a non commerical license would fit with their Promise Radio Network in Newark, Richmond, West Union and Chillicothe...

but your right, I didn't know 106.3 was a Christian format at one time (well besides the current gospel format that Radio One programs)

I know 103.1 was a Christian format breifly owned by Salem, they could again become Christian in the new year.

I will say, I can't think of another market that has as many Commerical and Non Commerical Christian places on the FM dial as Columbus does. (there are many places that have zero)

 

[xianbroadcaster]

All that said, it's all speculation.

We could have fun with speculation... CVCO could sell 104.9 to someone else, and pick up 91.5 WHKC, 91.5 being a non commerical license would fit with their Promise Radio Network in Newark, Richmond, West Union and Chillicothe...

but your right, I didn't know 106.3 was a Christian format at one time (well besides the current gospel format that Radio One programs)

I know 103.1 was a Christian format breifly owned by Salem, they could again become Christian in the new year.

Interesting thought about WHKC, I suppose it could happen as I am not real sure how savvy the ownership there is to actually running a radio station, though I have no reason to think they know any less than other ownership groups.

And don't forget that 107.1 used to be CCM as well just before 103.1 was.

I will say, I can't think of another market that has as many Commerical and Non Commerical Christian places on the FM dial as Columbus does. (there are many places that have zero)

Yeah, there are a lot of markets without any Christian Media at all...sadly, a lot of what Columbus does offer is just flat out bad. The frequencies could be better used to serve the community over what is offered much of the time.

 

[xmusicmatt]

And don't forget that 107.1 used to be CCM as well just before 103.1 was.

Yeah, there are a lot of markets without any Christian Media at all...sadly, a lot of what Columbus does offer is just flat out bad. The frequencies could be better used to serve the community over what is offered much of the time.

I remember WTLT... and after WTLT went to a simulcast of Hot 105.7, the now silent and long gone daytime AM "1540 WNRJ" programmed automated Christian AC before going dark. (prior to that they had a standards type format if I remember)

 

[del_griffith]

Any update?

 

[xmusicmatt]

Any update?

No but allacess reports in other news:

"Alabama's ProTalk Simulcast Goes Silent
CHRISTIAN VOICE OF CENTRAL OHIO Talk-Religion simulcast WTKI-A (PROTALK 1450)/HUNTSVILLE, AL and WDPT-A (PROTALK 1490)/DECATUR, AL has gone silent. The stations signed off JANUARY 30 due to economic reasons."

see: http://www.protalkradio.com/