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Sale Price for WKDN-FM

T

Tommy Roberts Jr

Price for Philadelphia’s WKDN – $22.5 million.

Why so much more than the $8.5 million Family Radio got for its D.C.-Baltimore market WFSI (107.9), sold to CBS? This one really covers its market, while WFSI, Annapolis has issues in both of its metros. With the Philadelphia purchase, Merlin knows what it’s getting with WKDN, Camden (107.9) – a full class B. The $22.5 million price works out to about $3.60 per person in the protected contour. That price should reassure a lot of dealmakers about the stability of the market. Both WKDN and WFSI are true “sticks” in the sense that they’ve literally never carried a single commercial. Family Radio filed several months ago to convert them from non-commercial to commercial status. TRI hears that a familiar dealmaker was working on behalf of Merlin’s Randy Michaels – Jerry Kersting. He and Randy bought hundreds of stations when they were partnered at Jacor and Clear Channel (and their friendship dates back before Jacor). Kersting recently left Tribune Company and it’s not clear whether he’s actually working for Merlin Media fulltime. But Merlin backer GTCR of Chicago wants to enter more markets in the top 10 – and that could keep the Michaels/Kersting team busy for quite a while.
 
I can't believe CBS allowed itself to be outbid for WKDN. I wonder if there's a Plan B already in existence. The CBS I used to work for in the 1980s and 90s wouldn't have had a clue. But I wonder about the new crew. True, there's no reason to panic... but the KYW franchise must be protected. And Merlin would have a much harder time gaining traction in Philly if KYW was already on FM.

Steve
KC2LDY
 
I can't believe how much station values have fallen! Just a few years ago, Radio One paid over 30 million for 107.9 (a 6000 watt directional class A construction permit that they had to build)-and now a full class B sells for 8 million less here.
 
LA_Guy said:
I can't believe how much station values have fallen! Just a few years ago, Radio One paid over 30 million for 107.9 (a 6000 watt directional class A construction permit that they had to build)-and now a full class B sells for 8 million less here.
Click to expand...

Actual sale price of 107.9 was $35 million -- and this didn't include any physical assets, other than a 45 year-old worn-out RCA BTF-5B, a Gates FM-5K which had also seen better days, a set of old Belar mod monitors, an Optimod 8100, and a 5 kW dummy load (the only item still in use, AFAIK)

Oh, a few homebrew 1-5/8" coax couplers which Ed Bold (former station owner) had cobbled together were also included in the deal.

The people who really cleaned up in this transaction are Ed Seeger and company, (aka American Media Services, masquerading as "New Jersey Radio Partners, LLC"). They paid the Bold family $20 million for WSNJ AM/FM and real estate, then turned around and flipped the FM alone at a profit of $15 million after moving its assignment from Bridgeton to Pennsauken.

Needless to say, the rest of us in this business are the 99 percent!
 
Expect radio station values to drop even more. Real estate is down. Revenue at stations is not increasing in a way to indicate significant future growth. Prices should return to a more realistic range.

Plus, looking to the fuiture, what percentage of the under 30 crowd is pending much time listening to the radio?
 
tommy3477 said:
Price for Philadelphia’s WKDN – $22.5 million.

Why so much more than the $8.5 million Family Radio got for its D.C.-Baltimore market WFSI (107.9), sold to CBS? This one really covers its market, while WFSI, Annapolis has issues in both of its metros. With the Philadelphia purchase, Merlin knows what it’s getting with WKDN, Camden (107.9) – a full class B. The $22.5 million price works out to about $3.60 per person in the protected contour. That price should reassure a lot of dealmakers about the stability of the market. Both WKDN and WFSI are true “sticks” in the sense that they’ve literally never carried a single commercial. Family Radio filed several months ago to convert them from non-commercial to commercial status. TRI hears that a familiar dealmaker was working on behalf of Merlin’s Randy Michaels – Jerry Kersting. He and Randy bought hundreds of stations when they were partnered at Jacor and Clear Channel (and their friendship dates back before Jacor). Kersting recently left Tribune Company and it’s not clear whether he’s actually working for Merlin Media fulltime. But Merlin backer GTCR of Chicago wants to enter more markets in the top 10 – and that could keep the Michaels/Kersting team busy for quite a while.
Click to expand...

WKDN, Camden is at 106.9, not 107.9.
 
Steve Biro said:
I can't believe CBS allowed itself to be outbid for WKDN. I wonder if there's a Plan B already in existence. The CBS I used to work for in the 1980s and 90s wouldn't have had a clue. But I wonder about the new crew. True, there's no reason to panic... but the KYW franchise must be protected. And Merlin would have a much harder time gaining traction in Philly if KYW was already on FM.

Steve
KC2LDY
Click to expand...

I'm wondering about this too because Group W and CBS are pioneers in the all-news format.
 
DG02816 said:
That font, which was also on WBZ, is called Anklepants.
Click to expand...

Where's the emoticon for screaming "NOOOOOOOOOOOOOOOO!"?

The font is not called Anklepants, says this former Group W employee. "Anklepants" is a cheap freeware ripoff of the Group W font, and not a very good ripoff at that - the Anklepants "M," in particular, is just a hideously ugly letterform.

OK...back in my box now...
 
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