M
mazzaman
Guest
Looking to see if anyone out there has heard that Classical 102.5 is for sale? I thought that there was a 50 year trust in place to keep it in the current owner's hands and to keep the format classical.
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> Looking to see if anyone out there has heard that Classical
> 102.5 is for sale? I thought that there was a 50 year trust
> in place to keep it in the current owner's hands and to keep
> the format classical.
I'd thought that it was a 90-year trust.
There are usually loopholes to these types of agreements. The agreement may allow for a company like Clear Channel to acquire the 102.5 signal, while transferring the classical format to a less-powerful signal, like 92.5. Something similar happened in the "Great Cleveland Frequency Swap", where classical 95.5 WCLV moved to rimshot 104.9 and gained a great deal of money to help retain the format.
Because of the ratings (and presumably billing) success of 102.5, one can presume that nothing will change regarding 102.5 for at least the near future.
> 102.5 is for sale? I thought that there was a 50 year trust
> in place to keep it in the current owner's hands and to keep
> the format classical.
I'd thought that it was a 90-year trust.
There are usually loopholes to these types of agreements. The agreement may allow for a company like Clear Channel to acquire the 102.5 signal, while transferring the classical format to a less-powerful signal, like 92.5. Something similar happened in the "Great Cleveland Frequency Swap", where classical 95.5 WCLV moved to rimshot 104.9 and gained a great deal of money to help retain the format.
Because of the ratings (and presumably billing) success of 102.5, one can presume that nothing will change regarding 102.5 for at least the near future.
C
catsmeow
Guest
> > Looking to see if anyone out there has heard that
> Classical
> > 102.5 is for sale? I thought that there was a 50 year
> trust
> > in place to keep it in the current owner's hands and to
> keep
> > the format classical.
>
> I'd thought that it was a 90-year trust.
>
> There are usually loopholes to these types of agreements.
> The agreement may allow for a company like Clear Channel to
> acquire the 102.5 signal, while transferring the classical
> format to a less-powerful signal, like 92.5. Something
> similar happened in the "Great Cleveland Frequency Swap",
> where classical 95.5 WCLV moved to rimshot 104.9 and gained
> a great deal of money to help retain the format.
>
> Because of the ratings (and presumably billing) success of
> 102.5, one can presume that nothing will change regarding
> 102.5 for at least the near future.
>
What about WCRB's affiliate stations?
> Classical
> > 102.5 is for sale? I thought that there was a 50 year
> trust
> > in place to keep it in the current owner's hands and to
> keep
> > the format classical.
>
> I'd thought that it was a 90-year trust.
>
> There are usually loopholes to these types of agreements.
> The agreement may allow for a company like Clear Channel to
> acquire the 102.5 signal, while transferring the classical
> format to a less-powerful signal, like 92.5. Something
> similar happened in the "Great Cleveland Frequency Swap",
> where classical 95.5 WCLV moved to rimshot 104.9 and gained
> a great deal of money to help retain the format.
>
> Because of the ratings (and presumably billing) success of
> 102.5, one can presume that nothing will change regarding
> 102.5 for at least the near future.
>
What about WCRB's affiliate stations?
H
hellohello
Guest
WCRB, like WJIB, is here to stay. Consistent good programming.
> > > Looking to see if anyone out there has heard that
> > Classical
> > > 102.5 is for sale? I thought that there was a 50 year
> > trust
> > > in place to keep it in the current owner's hands and to
> > keep
> > > the format classical.
> >
> > I'd thought that it was a 90-year trust.
> >
> > There are usually loopholes to these types of agreements.
> > The agreement may allow for a company like Clear Channel
> to
> > acquire the 102.5 signal, while transferring the classical
>
> > format to a less-powerful signal, like 92.5. Something
> > similar happened in the "Great Cleveland Frequency Swap",
> > where classical 95.5 WCLV moved to rimshot 104.9 and
> gained
> > a great deal of money to help retain the format.
> >
> > Because of the ratings (and presumably billing) success of
>
> > 102.5, one can presume that nothing will change regarding
> > 102.5 for at least the near future.
> >
>
> What about WCRB's affiliate stations?
>
> > > Looking to see if anyone out there has heard that
> > Classical
> > > 102.5 is for sale? I thought that there was a 50 year
> > trust
> > > in place to keep it in the current owner's hands and to
> > keep
> > > the format classical.
> >
> > I'd thought that it was a 90-year trust.
> >
> > There are usually loopholes to these types of agreements.
> > The agreement may allow for a company like Clear Channel
> to
> > acquire the 102.5 signal, while transferring the classical
>
> > format to a less-powerful signal, like 92.5. Something
> > similar happened in the "Great Cleveland Frequency Swap",
> > where classical 95.5 WCLV moved to rimshot 104.9 and
> gained
> > a great deal of money to help retain the format.
> >
> > Because of the ratings (and presumably billing) success of
>
> > 102.5, one can presume that nothing will change regarding
> > 102.5 for at least the near future.
> >
>
> What about WCRB's affiliate stations?
>
E
erock
Guest
it is in fact up for sale....
> Looking to see if anyone out there has heard that Classical
> 102.5 is for sale? I thought that there was a 50 year trust
> in place to keep it in the current owner's hands and to keep
> the format classical.
>
see the link:
http://www.radioandrecords.com/
> Looking to see if anyone out there has heard that Classical
> 102.5 is for sale? I thought that there was a 50 year trust
> in place to keep it in the current owner's hands and to keep
> the format classical.
>
see the link:
http://www.radioandrecords.com/
Re: it is in fact up for sale....
> Not to sound like that other guy who does all the
> speculating..... but... Clear Channel could end up with it,
> and they'd probably change the format to spanish.
>
Or Steve Mindich could buy the station because his wife likes merengue tunes, put the merengue on 102.5 and turn 101.7 into La Seniorita!
> Not to sound like that other guy who does all the
> speculating..... but... Clear Channel could end up with it,
> and they'd probably change the format to spanish.
>
Or Steve Mindich could buy the station because his wife likes merengue tunes, put the merengue on 102.5 and turn 101.7 into La Seniorita!
> There are usually loopholes to these types of agreements.
> The agreement may allow for a company like Clear Channel to
> acquire the 102.5 signal, while transferring the classical
> format to a less-powerful signal, like 92.5.
Clear Channel doesn't own 92.5 (WXRV), so I don't see how they could do that. Are you saying they would buy WXRV from Northeast too?
> The agreement may allow for a company like Clear Channel to
> acquire the 102.5 signal, while transferring the classical
> format to a less-powerful signal, like 92.5.
Clear Channel doesn't own 92.5 (WXRV), so I don't see how they could do that. Are you saying they would buy WXRV from Northeast too?
Re: Didn't see this one coming!
Wow. This brings up a lot of new opportunities for the Boston market.
Anyone know the billing of WCRB? That's probably the "make or break" factor in whether WCRB would keep Classical.
Who could buy it?
Greater Media is maxed out. Could Infinity buy another? With TV properties, I wouldn't think so. Clear Channel would certainly like another property to add to the small Boston stable.
Other companies? Univision certainly has the cash for 102.5, but going with a niche Spanish format on the huge 102.5 signal would seem like a waste. Then again, "102.5 La Kalle" could be closer than we think. If Salem acquired 102.5, we'd certainly see "102.5 The Fish", but CCM would be a horrible flop in Boston.
Radio One is certainly in the running. 102.5 would make a great signal for Smooth Jazz, which would be a fitting replacement for classical.
As for the Cape stations, Nassau Broadcasting would certainly be interested. Right now, they have 102.9 WPXC and the 93.5/101.1 simulcast, and could probably add another station or two. Not sure about the RI stations, perhaps local owners would take over 95.9 WCRI and WCNX.
Wow. This brings up a lot of new opportunities for the Boston market.
Anyone know the billing of WCRB? That's probably the "make or break" factor in whether WCRB would keep Classical.
Who could buy it?
Greater Media is maxed out. Could Infinity buy another? With TV properties, I wouldn't think so. Clear Channel would certainly like another property to add to the small Boston stable.
Other companies? Univision certainly has the cash for 102.5, but going with a niche Spanish format on the huge 102.5 signal would seem like a waste. Then again, "102.5 La Kalle" could be closer than we think. If Salem acquired 102.5, we'd certainly see "102.5 The Fish", but CCM would be a horrible flop in Boston.
Radio One is certainly in the running. 102.5 would make a great signal for Smooth Jazz, which would be a fitting replacement for classical.
As for the Cape stations, Nassau Broadcasting would certainly be interested. Right now, they have 102.9 WPXC and the 93.5/101.1 simulcast, and could probably add another station or two. Not sure about the RI stations, perhaps local owners would take over 95.9 WCRI and WCNX.
> WCRB, like WJIB, is here to stay. Consistent good
> programming.
Well, yes and no. HD Radio's promise of publicly audible sub-channels appears to break the clause in the document that established the trust that owns WCRB. The trust was drawn shortly before his death by WCRB's late owner, Ted Jones, to keep the station classical for 100 years. By placing the classical programming on a publicly audible subchannel, a new owner could live up to the letter of the trust document while changing the format that most people can hear to anything the new owner's heart desires. I guess that to keep it all legal, current WCRB owner Charles River Broadcasting would have to retain ownership of the sub-channel--but I'm no lawyer, so don't take my word for it.
Anyhow, how many years ago did Infinity buy WBCN? IIRC, that was the last sale of a major Boston-market FM signal. (Class A WBOT doesn't count.) IIRC, the price for WBCN was just shy of $100 million. It must be a decade later now (or close to it). Station prices have stabilized somewhat in the interim. Will WCRB fetch $100 million--or more--even given a restrictive covenant on the use of one of the HD Radio sub-channels? What radio companies have that kind of money? CCU is supposedly no longer spending major sums on acquisitions. Would Infinity be a player? Would Entercom? Somehow, even though there are, I believe, no legal prohibitions against Greater Media acquiring a sixth Boston FM, I can't see the company spending $100 million-plus on WCRB (GM may just have a bad taste in its mouth from its disasterous acquisition of Philadelphia's classical WFLN a decade or more ago.)
I can imagine Entercom being a player for WFCC. By taking WFCC directional and pulling in the pattern to the northwest, WAAF's new pattern could be let out to the southeast, dramatically improving the 107.3 signal in Boston. Since the announcement by Charles River stated that it did not expect to sell the company's five properties to a one buyer, this could be a very smart move for Entercom and would cost a lot less than $100 million.
> programming.
Well, yes and no. HD Radio's promise of publicly audible sub-channels appears to break the clause in the document that established the trust that owns WCRB. The trust was drawn shortly before his death by WCRB's late owner, Ted Jones, to keep the station classical for 100 years. By placing the classical programming on a publicly audible subchannel, a new owner could live up to the letter of the trust document while changing the format that most people can hear to anything the new owner's heart desires. I guess that to keep it all legal, current WCRB owner Charles River Broadcasting would have to retain ownership of the sub-channel--but I'm no lawyer, so don't take my word for it.
Anyhow, how many years ago did Infinity buy WBCN? IIRC, that was the last sale of a major Boston-market FM signal. (Class A WBOT doesn't count.) IIRC, the price for WBCN was just shy of $100 million. It must be a decade later now (or close to it). Station prices have stabilized somewhat in the interim. Will WCRB fetch $100 million--or more--even given a restrictive covenant on the use of one of the HD Radio sub-channels? What radio companies have that kind of money? CCU is supposedly no longer spending major sums on acquisitions. Would Infinity be a player? Would Entercom? Somehow, even though there are, I believe, no legal prohibitions against Greater Media acquiring a sixth Boston FM, I can't see the company spending $100 million-plus on WCRB (GM may just have a bad taste in its mouth from its disasterous acquisition of Philadelphia's classical WFLN a decade or more ago.)
I can imagine Entercom being a player for WFCC. By taking WFCC directional and pulling in the pattern to the northwest, WAAF's new pattern could be let out to the southeast, dramatically improving the 107.3 signal in Boston. Since the announcement by Charles River stated that it did not expect to sell the company's five properties to a one buyer, this could be a very smart move for Entercom and would cost a lot less than $100 million.
J
Joseph_Gallant
Guest
It will be very interesting to see what happens.
But an era in Boston radio may be coming to an end, despite WCRB's success in the ratings over the last few years.
But an era in Boston radio may be coming to an end, despite WCRB's success in the ratings over the last few years.
> > WCRB, like WJIB, is here to stay. Consistent good
> > programming.
>
> Well, yes and no. HD Radio's promise of publicly audible
> sub-channels appears to break the clause in the document
> that established the trust that owns WCRB. The trust was
> drawn shortly before his death by WCRB's late owner, Ted
> Jones, to keep the station classical for 100 years. By
> placing the classical programming on a publicly audible
> subchannel, a new owner could live up to the letter of the
> trust document while changing the format that most people
> can hear to anything the new owner's heart desires. I guess
> that to keep it all legal, current WCRB owner Charles River
> Broadcasting would have to retain ownership of the
> sub-channel--but I'm no lawyer, so don't take my word for
> it.
>
> Anyhow, how many years ago did Infinity buy WBCN? IIRC, that
> was the last sale of a major Boston-market FM signal. (Class
> A WBOT doesn't count.) IIRC, the price for WBCN was just shy
> of $100 million. It must be a decade later now (or close to
> it). Station prices have stabilized somewhat in the interim.
Our last big sale was WRKO, WEEI, WAAF and WEGQ from the ARS trust to Entercom for $65 million. Of course, WAAF and WEGQ are both rimshots, and Infinity got two FMs in Tampa.
> Will WCRB fetch $100 million--or more--even given a
> restrictive covenant on the use of one of the HD Radio
> sub-channels? What radio companies have that kind of money?
> CCU is supposedly no longer spending major sums on
> acquisitions.
Their Boston holdings are a bit sparse, though. With their Spanish initative, and perhaps moreso the plan to create a new FM talker in a large market next year, they'd certainly have opportunities for 102.5.
> Would Infinity be a player?
I'd kind of doubt it. The only reason that they got KEAR was because they were required to sell one of their stations that hits Sacramento, which was KFRC 610. They've got a good amount of holdings in the market as it is.
> Would Entercom?
Entercom seems to have enough problems with the stations that they have. Plus, as Boston is their largest market, they would likely see more value buying into a new, smaller market than to blow 100 million or more on one station.
> Somehow, even though there are, I believe, no legal
> prohibitions against Greater Media acquiring a sixth Boston
> FM, I can't see the company spending $100 million-plus on
> WCRB (GM may just have a bad taste in its mouth from its
> disasterous acquisition of Philadelphia's classical WFLN a
> decade or more ago.)
They don't seem to be in a real growing position either. Plus, unlike other companies, they don't have any "specialities" other than the "Magic" AC franchises. What would they do with 102.5?
I'd place my bets on Univision. They have the money, and if not now, who knows when Boston will get a Spanish-language outlet.
Radio One is probably watching, but the price of 102.5 doesn't really appear to be in their range. Other than the acquisition of 100.3 KKBT in L.A., Radio One doesn't really operate big "city-signals" in top-10 markets, and this has to be because of the cost. Plus, unlike the established KKBT, if they bought WCRB, they would still need to build the station and develop an audience.
> I can imagine Entercom being a player for WFCC. By taking
> WFCC directional and pulling in the pattern to the
> northwest, WAAF's new pattern could be let out to the
> southeast, dramatically improving the 107.3 signal in
> Boston. Since the announcement by Charles River stated that
> it did not expect to sell the company's five properties to a
> one buyer, this could be a very smart move for Entercom and
> would cost a lot less than $100 million.
That would seem to be a really good idea in expanding 107.3's coverage. I wonder if there's any chance that Entercom could get Clear Channel to move 107.1 WERZ any further north as well. WERZ Kittery (ME) and WAAF Natick? That would be interesting.
Plus, after the engineering moves, they could take 107.5 to another WEEI relay (WVEI-FM).
> > programming.
>
> Well, yes and no. HD Radio's promise of publicly audible
> sub-channels appears to break the clause in the document
> that established the trust that owns WCRB. The trust was
> drawn shortly before his death by WCRB's late owner, Ted
> Jones, to keep the station classical for 100 years. By
> placing the classical programming on a publicly audible
> subchannel, a new owner could live up to the letter of the
> trust document while changing the format that most people
> can hear to anything the new owner's heart desires. I guess
> that to keep it all legal, current WCRB owner Charles River
> Broadcasting would have to retain ownership of the
> sub-channel--but I'm no lawyer, so don't take my word for
> it.
>
> Anyhow, how many years ago did Infinity buy WBCN? IIRC, that
> was the last sale of a major Boston-market FM signal. (Class
> A WBOT doesn't count.) IIRC, the price for WBCN was just shy
> of $100 million. It must be a decade later now (or close to
> it). Station prices have stabilized somewhat in the interim.
Our last big sale was WRKO, WEEI, WAAF and WEGQ from the ARS trust to Entercom for $65 million. Of course, WAAF and WEGQ are both rimshots, and Infinity got two FMs in Tampa.
> Will WCRB fetch $100 million--or more--even given a
> restrictive covenant on the use of one of the HD Radio
> sub-channels? What radio companies have that kind of money?
> CCU is supposedly no longer spending major sums on
> acquisitions.
Their Boston holdings are a bit sparse, though. With their Spanish initative, and perhaps moreso the plan to create a new FM talker in a large market next year, they'd certainly have opportunities for 102.5.
> Would Infinity be a player?
I'd kind of doubt it. The only reason that they got KEAR was because they were required to sell one of their stations that hits Sacramento, which was KFRC 610. They've got a good amount of holdings in the market as it is.
> Would Entercom?
Entercom seems to have enough problems with the stations that they have. Plus, as Boston is their largest market, they would likely see more value buying into a new, smaller market than to blow 100 million or more on one station.
> Somehow, even though there are, I believe, no legal
> prohibitions against Greater Media acquiring a sixth Boston
> FM, I can't see the company spending $100 million-plus on
> WCRB (GM may just have a bad taste in its mouth from its
> disasterous acquisition of Philadelphia's classical WFLN a
> decade or more ago.)
They don't seem to be in a real growing position either. Plus, unlike other companies, they don't have any "specialities" other than the "Magic" AC franchises. What would they do with 102.5?
I'd place my bets on Univision. They have the money, and if not now, who knows when Boston will get a Spanish-language outlet.
Radio One is probably watching, but the price of 102.5 doesn't really appear to be in their range. Other than the acquisition of 100.3 KKBT in L.A., Radio One doesn't really operate big "city-signals" in top-10 markets, and this has to be because of the cost. Plus, unlike the established KKBT, if they bought WCRB, they would still need to build the station and develop an audience.
> I can imagine Entercom being a player for WFCC. By taking
> WFCC directional and pulling in the pattern to the
> northwest, WAAF's new pattern could be let out to the
> southeast, dramatically improving the 107.3 signal in
> Boston. Since the announcement by Charles River stated that
> it did not expect to sell the company's five properties to a
> one buyer, this could be a very smart move for Entercom and
> would cost a lot less than $100 million.
That would seem to be a really good idea in expanding 107.3's coverage. I wonder if there's any chance that Entercom could get Clear Channel to move 107.1 WERZ any further north as well. WERZ Kittery (ME) and WAAF Natick? That would be interesting.
Plus, after the engineering moves, they could take 107.5 to another WEEI relay (WVEI-FM).
Re: Well, here's the answer to the billing part
> Wow. This brings up a lot of new opportunities for the
> Boston market.
>
> Anyone know the billing of WCRB? That's probably the "make
> or break" factor in whether WCRB would keep Classical.
Well, here's the answer.
The asking price is about $100 million (according to Billboard Radio Monitor). The 2004 billing was $8.4 million, and the 2003 billing was $8.6 billion (according to the Globe). Meanwhile, WBZ billed $35 million, and I believe Magic billed $22 million.
Clearly, the billing isn't exactly matching the fairly good 12+ ratings. If sold, a format change would seem likely.
> Wow. This brings up a lot of new opportunities for the
> Boston market.
>
> Anyone know the billing of WCRB? That's probably the "make
> or break" factor in whether WCRB would keep Classical.
Well, here's the answer.
The asking price is about $100 million (according to Billboard Radio Monitor). The 2004 billing was $8.4 million, and the 2003 billing was $8.6 billion (according to the Globe). Meanwhile, WBZ billed $35 million, and I believe Magic billed $22 million.
Clearly, the billing isn't exactly matching the fairly good 12+ ratings. If sold, a format change would seem likely.
E
erock
Guest
Re: Well, here's the answer to the billing part
> > Wow. This brings up a lot of new opportunities for the
> > Boston market.
> >
> > Anyone know the billing of WCRB? That's probably the "make
>
> > or break" factor in whether WCRB would keep Classical.
>
> Well, here's the answer.
>
> The asking price is about $100 million (according to
> Billboard Radio Monitor). The 2004 billing was $8.4 million,
> and the 2003 billing was $8.6 billion (according to the
> Globe). Meanwhile, WBZ billed $35 million, and I believe
> Magic billed $22 million.
>
> Clearly, the billing isn't exactly matching the fairly good
> 12+ ratings. If sold, a format change would seem likely.
>
this is true regarding billing levels, however one thing to remember
is that it's classical music. virtually no ascap fees, low program
and promotional expenses, and little competition in that demo.
that being said I agree that a $100m sale price might still
prompt a format change to justify the investment.
the exact same thing happened with WTMI in Miami.
> > Wow. This brings up a lot of new opportunities for the
> > Boston market.
> >
> > Anyone know the billing of WCRB? That's probably the "make
>
> > or break" factor in whether WCRB would keep Classical.
>
> Well, here's the answer.
>
> The asking price is about $100 million (according to
> Billboard Radio Monitor). The 2004 billing was $8.4 million,
> and the 2003 billing was $8.6 billion (according to the
> Globe). Meanwhile, WBZ billed $35 million, and I believe
> Magic billed $22 million.
>
> Clearly, the billing isn't exactly matching the fairly good
> 12+ ratings. If sold, a format change would seem likely.
>
this is true regarding billing levels, however one thing to remember
is that it's classical music. virtually no ascap fees, low program
and promotional expenses, and little competition in that demo.
that being said I agree that a $100m sale price might still
prompt a format change to justify the investment.
the exact same thing happened with WTMI in Miami.
Word is that Woody Tanger is *very* interested in WCRB.. I believe that the Tangers still own WBOQ Gloucester..
> > WCRB, like WJIB, is here to stay. Consistent good
> > programming.
>
> Well, yes and no. HD Radio's promise of publicly audible
> sub-channels appears to break the clause in the document
> that established the trust that owns WCRB. The trust was
> drawn shortly before his death by WCRB's late owner, Ted
> Jones, to keep the station classical for 100 years. By
> placing the classical programming on a publicly audible
> subchannel, a new owner could live up to the letter of the
> trust document while changing the format that most people
> can hear to anything the new owner's heart desires. I guess
> that to keep it all legal, current WCRB owner Charles River
> Broadcasting would have to retain ownership of the
> sub-channel--but I'm no lawyer, so don't t
ake my word for
> it.
>
> Anyhow, how many years ago did Infinity buy WBCN? IIRC, that
> was the last sale of a major Boston-market FM signal. (Class
> A WBOT doesn't count.) IIRC, the price for WBCN was just shy
> of $100 million. It must be a decade later now (or close to
> it). Station prices have stabilized somewhat in the interim.
> Will WCRB fetch $100 million--or more--even given a
> restrictive covenant on the use of one of the HD Radio
> sub-channels? What radio companies have that kind of money?
> CCU is supposedly no longer spending major sums on
> acquisitions. Would Infinity be a player? Would Entercom?
> Somehow, even though there are, I believe, no legal
> prohibitions against Greater Media acquiring a sixth Boston
> FM, I can't see the company spending $100 million-plus on
> WCRB (GM may just have a bad taste in its mouth from its
> disasterous acquisition of Philadelphia's classical WFLN a
> decade or more ago.)
>
> I can imagine Entercom being a player for WFCC. By taking
> WFCC directional and pulling in the pattern to the
> northwest, WAAF's new pattern could be let out to the
> southeast, dramatically improving the 107.3 signal in
> Boston. Since the announcement by Charles River stated that
> it did not expect to sell the company's five properties to a
> one buyer, this could be a very smart move for Entercom and
> would cost a lot less than $100 million.
>
> > WCRB, like WJIB, is here to stay. Consistent good
> > programming.
>
> Well, yes and no. HD Radio's promise of publicly audible
> sub-channels appears to break the clause in the document
> that established the trust that owns WCRB. The trust was
> drawn shortly before his death by WCRB's late owner, Ted
> Jones, to keep the station classical for 100 years. By
> placing the classical programming on a publicly audible
> subchannel, a new owner could live up to the letter of the
> trust document while changing the format that most people
> can hear to anything the new owner's heart desires. I guess
> that to keep it all legal, current WCRB owner Charles River
> Broadcasting would have to retain ownership of the
> sub-channel--but I'm no lawyer, so don't t
ake my word for
> it.
>
> Anyhow, how many years ago did Infinity buy WBCN? IIRC, that
> was the last sale of a major Boston-market FM signal. (Class
> A WBOT doesn't count.) IIRC, the price for WBCN was just shy
> of $100 million. It must be a decade later now (or close to
> it). Station prices have stabilized somewhat in the interim.
> Will WCRB fetch $100 million--or more--even given a
> restrictive covenant on the use of one of the HD Radio
> sub-channels? What radio companies have that kind of money?
> CCU is supposedly no longer spending major sums on
> acquisitions. Would Infinity be a player? Would Entercom?
> Somehow, even though there are, I believe, no legal
> prohibitions against Greater Media acquiring a sixth Boston
> FM, I can't see the company spending $100 million-plus on
> WCRB (GM may just have a bad taste in its mouth from its
> disasterous acquisition of Philadelphia's classical WFLN a
> decade or more ago.)
>
> I can imagine Entercom being a player for WFCC. By taking
> WFCC directional and pulling in the pattern to the
> northwest, WAAF's new pattern could be let out to the
> southeast, dramatically improving the 107.3 signal in
> Boston. Since the announcement by Charles River stated that
> it did not expect to sell the company's five properties to a
> one buyer, this could be a very smart move for Entercom and
> would cost a lot less than $100 million.
>
> Word is that Woody Tanger is *very* interested in WCRB.. I
> believe that the Tangers still own WBOQ Gloucester..
Ironically, he has the $100 million needed to make it happen (from the WTMI sale)
These days, Doug Tanger (Woody's son) owns WBOQ. Three years after Woody bought back WBOQ, WCCC-FM, and WCCC (now WTMI) from Cox Radio (in a move where Woody sold everything to Cox for $125m, then bought back these three stations for $25m), he sold WBOQ to Doug's Westport Communications, who changed the station's format later that year to Local-based Oldies.
> believe that the Tangers still own WBOQ Gloucester..
Ironically, he has the $100 million needed to make it happen (from the WTMI sale)
These days, Doug Tanger (Woody's son) owns WBOQ. Three years after Woody bought back WBOQ, WCCC-FM, and WCCC (now WTMI) from Cox Radio (in a move where Woody sold everything to Cox for $125m, then bought back these three stations for $25m), he sold WBOQ to Doug's Westport Communications, who changed the station's format later that year to Local-based Oldies.
>
> Our last big sale was WRKO, WEEI, WAAF and WEGQ from the ARS
> trust to Entercom for $65 million. Of course, WAAF and WEGQ
> are both rimshots, and Infinity got two FMs in Tampa.
>
That's not entirely correct. The Boston stations were in a trust created by CBS, not ARS. It was a swap, not a sale. The deal was five CBS stations(WRKO,WEEI,WAAF, WEGQ and WWTM) worth $140 million for two Entercom's Tampa FM's and $65 million in cash. On paper at the time of the swap(August 1998), WRKO/WEEI as a combo were worth $82 million and WAAF/WWTM/WEGQ as a combo were at $58 million.
> Our last big sale was WRKO, WEEI, WAAF and WEGQ from the ARS
> trust to Entercom for $65 million. Of course, WAAF and WEGQ
> are both rimshots, and Infinity got two FMs in Tampa.
>
That's not entirely correct. The Boston stations were in a trust created by CBS, not ARS. It was a swap, not a sale. The deal was five CBS stations(WRKO,WEEI,WAAF, WEGQ and WWTM) worth $140 million for two Entercom's Tampa FM's and $65 million in cash. On paper at the time of the swap(August 1998), WRKO/WEEI as a combo were worth $82 million and WAAF/WWTM/WEGQ as a combo were at $58 million.
> That's not entirely correct. The Boston stations were in a
> trust created by CBS, not ARS.
True, but they were all former ARS stations. The trust was created by CBS, though, as you stated.
> It was a swap, not a sale.
What's the difference? Just curious, as I had presumed that cash was not involved with a "swap", like the Univision/Salem swaps.
> The deal was five CBS stations(WRKO,WEEI,WAAF, WEGQ and
> WWTM) worth $140 million for two Entercom's Tampa FM's and
> $65 million in cash. On paper at the time of the
> swap(August 1998), WRKO/WEEI as a combo were worth $82
> million and WAAF/WWTM/WEGQ as a combo were at $58 million.
I just looked in the NERW archives for the $65 million number, but the information you provide is interesting, especially with WCRB as a comparison.
The ARS cluster seem a bit underpriced with WCRB going for $100m, when WAAF, WWTM, and WEGQ went for $65 million? Taking WWTM out of the picture, which couldn't have been worth more than a few million on it's own, that's two Class B rimshots for only $30 million each. And at least with these three lousy signals, you get a somewhat-useful format on the stations as they are.
> trust created by CBS, not ARS.
True, but they were all former ARS stations. The trust was created by CBS, though, as you stated.
> It was a swap, not a sale.
What's the difference? Just curious, as I had presumed that cash was not involved with a "swap", like the Univision/Salem swaps.
> The deal was five CBS stations(WRKO,WEEI,WAAF, WEGQ and
> WWTM) worth $140 million for two Entercom's Tampa FM's and
> $65 million in cash. On paper at the time of the
> swap(August 1998), WRKO/WEEI as a combo were worth $82
> million and WAAF/WWTM/WEGQ as a combo were at $58 million.
I just looked in the NERW archives for the $65 million number, but the information you provide is interesting, especially with WCRB as a comparison.
The ARS cluster seem a bit underpriced with WCRB going for $100m, when WAAF, WWTM, and WEGQ went for $65 million? Taking WWTM out of the picture, which couldn't have been worth more than a few million on it's own, that's two Class B rimshots for only $30 million each. And at least with these three lousy signals, you get a somewhat-useful format on the stations as they are.
> True, but they were all former ARS stations. The trust was
> created by CBS, though, as you stated.
>
Correct, but still considered CBS properties.
> > It was a swap, not a sale.
>
> What's the difference? Just curious, as I had presumed that
> cash was not involved with a "swap", like the
> Univision/Salem swaps.
>
Swapping stations is a tax-free exchange. When you sell outright, you
have to pay capital gains taxes which is about 1/3 of the sale. Basically,
the stations become currency in a swap. Multi-station swaps became
popular in the mid and late 90's when large groups like Chancellor wanted to expand into markets where they already had presence and build up a bigger
cluster.
> The ARS cluster seem a bit underpriced with WCRB going for
> $100m, when WAAF, WWTM, and WEGQ went for $65 million?
It was $58 million. That was seven years ago. The value for WAAF/WWTM/WEGQ
was based on their revenues. In the WCRB's case, no one will be buying
WCRB for its current revenue stream or format. That's why it's likely to
go to one of the big radio congloms that already has presence in Boston so
it could strengthen its existing radio fortress. If $100 million is indeed
an entry point into Boston, it won't be a stand-alone operator but someone
who already owns and operates more than one station here.
> Taking WWTM out of the picture, which couldn't have been
> worth more than a few million on it's own, that's two Class
> B rimshots for only $30 million each. And at least with
> these three lousy signals, you get a somewhat-useful format
> on the stations as they are.
>
> created by CBS, though, as you stated.
>
Correct, but still considered CBS properties.
> > It was a swap, not a sale.
>
> What's the difference? Just curious, as I had presumed that
> cash was not involved with a "swap", like the
> Univision/Salem swaps.
>
Swapping stations is a tax-free exchange. When you sell outright, you
have to pay capital gains taxes which is about 1/3 of the sale. Basically,
the stations become currency in a swap. Multi-station swaps became
popular in the mid and late 90's when large groups like Chancellor wanted to expand into markets where they already had presence and build up a bigger
cluster.
> The ARS cluster seem a bit underpriced with WCRB going for
> $100m, when WAAF, WWTM, and WEGQ went for $65 million?
It was $58 million. That was seven years ago. The value for WAAF/WWTM/WEGQ
was based on their revenues. In the WCRB's case, no one will be buying
WCRB for its current revenue stream or format. That's why it's likely to
go to one of the big radio congloms that already has presence in Boston so
it could strengthen its existing radio fortress. If $100 million is indeed
an entry point into Boston, it won't be a stand-alone operator but someone
who already owns and operates more than one station here.
> Taking WWTM out of the picture, which couldn't have been
> worth more than a few million on it's own, that's two Class
> B rimshots for only $30 million each. And at least with
> these three lousy signals, you get a somewhat-useful format
> on the stations as they are.
>
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