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Rest of Indiana Richmond, IN cluster sold to Director of Programming for $100000.

Rodgers was, IMO, a top tier small market operator in the 90s and 00s. I haven't spent much time in that part of Indiana in the last 20 years, but assume the standards remained high.
But he was ready to retire a long time ago. I think he's probably well past 80 years old.

The sales price certainly raises some eyebrows. I'll choose to assume that Rodgers is doing his loyal employee a favor by offering an attractive price. The other possibility is that the stations were struggling mightily for revenue.
 
I'm sure the $100,000 is correct. The employee has been with the owner a long time and was likely his right hand man. Stations that have served their owners well are pretty much set for life so passing the station along to a dedicated and hardworking employee for a price he can afford is a kind gesture for all the years of hard work and it is a plus for the community as the stations stay in the hands of those the audience knows. I'm sure billing is not what it was 25 or 30 years ago but those small market stations that do it right generally do pretty well. The guy gets 5 stations for $100,000. I'd guess the 5 bill about $100,000 a month.
 
Once in a great while, around the late '80s or early '90s, you could actually pick up WFMG in Cincinnati. They were something approaching hot AC, but they'd throw in songs you hadn't heard in years. But they also played some non-AC currents.
 
Richmond, Connersville, Rushville, and Winchester these are towns my ancestors settled in 200 plus years ago. It's a beautiful part of the state. I agree that Rodgers could have gotten a lot more for the stations and this was a reward to a loyal employee. I wish the new owners best of luck.
 
NoWayNoCC said:
Once in a great while, around the late '80s or early '90s, you could actually pick up WFMG in Cincinnati. They were something approaching hot AC, but they'd throw in songs you hadn't heard in years. But they also played some non-AC currents.
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WFMG was a Class B back then. It downgraded to a B1. This allowed Urbana Ohio's 101.7 to go to 101.5 and move into the Dayton Ohio market. WBAA FM West Lafayette, was also allowed to upgrade to a B1 from a Class A. Also, 101.1 for Cincinnati market.
 
Ma “Contrarian” Gee said:
A question. Does the tremendous undervaluing of the Rodgers cluster in this sale also damage the value of the Brewer cluster should they ever choose to sell?
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While it most likely will be used in any conversation with a potential buyer (because tire kickers will be sure to bring it up-but those conversations will fall where they rise) it should not negatively impact Brewer or any other local broadcasters if they decide to divest their radio stations- it would not have a real world impact on value. I have been involved in the selling of Aloha Trust Stations that were gifted to non-profit entities by the Trust or stations in the Market looking to sell in the same time frame-most buyers are quick to bring up the fact they were gifted but it does not matter. All Broadcast transactions come down to 1 thing. How much is a buyer willing to give? How much is a seller willing to accept. That's it.

While I have not spoken with Rick Duncan or Mr. Rodgers, the price appears to be based on their relationship and consideration for loyalty and sweat equity, so to speak over the decades. That does not affect the value of the stations across town as Mr. Brewer is free to sell his cluster or stations to the highest bidder, give them away, turn them off and the Rodgers sale has no impact. (just as Mr. Rodgers has had the freedom to do as he pleases) Brewer values (or anyone else) would be based on their own broadcast cash flow, real estate, tangible assets and mutually agreed upon good will.

Now, as it relates to real property such as land and buildings, while I would not be qualified to give you a formal answer, I would suppose the transaction amounts will be recorded and it could/would affect the comparisons for any appraisals conducted for selling purposes. That would not necessarily affect Brewer but anyone in the local areas to buildings and land being conveyed-selling acreage in a like area or amount or building with similar square footage, etc. So no, if Brewer Broadcasting ever sells Richmond, I would suspect and anticipate it will bring a very solid, premium purchase price and the top dollar that the Markets would afford at the time of the transaction. Thank you!
 
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