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Stop 26 Riverbend files for Chapter 11

T

talkers

From "Inside Radio" today...

Percy Squire’s Ohio radio group files for Chapter 11 protection. He’s filing for Chapter 11 bankruptcy
for the five stations owned by his Stop 26 Riverbend Licenses. According to initial filings in U.S. Bankruptcy
Court for the Southern District of Ohio — Stop 26 has as many as 15 creditors to which it owes a total of
$20,010,149. The company has named Bradley Scher as its chief restructuring officer. Stop 26 owns two
stations in Columbus — regional Mexican “Viva 103” WVKO-FM and Black Gospel/Talk “Inspiration 1580”
WVKO. Plus three over in Youngstown — urban AC “102 Jamz” WRBP and the Black Gospel “Gift” simulcast
of WGFT (1330) and WASN (1500).
 
> From "Inside Radio" today...
>
> Percy Squire’s Ohio radio group files for Chapter 11
> protection. He’s filing for Chapter 11 bankruptcy
> for the five stations owned by his Stop 26 Riverbend
> Licenses. According to initial filings in U.S. Bankruptcy
> Court for the Southern District of Ohio — Stop 26 has as
> many as 15 creditors to which it owes a total of
> $20,010,149. The company has named Bradley Scher as its
> chief restructuring officer. Stop 26 owns two
> stations in Columbus — regional Mexican “Viva 103” WVKO-FM
> and Black Gospel/Talk “Inspiration 1580”
> WVKO. Plus three over in Youngstown — urban AC “102 Jamz”
> WRBP and the Black Gospel “Gift” simulcast
> of WGFT (1330) and WASN (1500).
>

Finally will we see the sale of the stations to someone who gives a damn?
 
Bankruptcy court has ordered sale of the stations. They've sent letters to just about every radio station in the cournty (or so it seems: I've seen three copies of the same letter so far)

January 16 is bid deadline.

Must be a minimum of 12 million cash (yea, right, what are these folks smoking?)

Then they will have an auction.

Prediction: It won't sell under these terms.

The 1580/103.1 combo is maybe worth 1.5 million (being very generous)

The 2 am's and class A in Youngstown are maybe worth 2 million (again being very generous). The only "good" facility is the 101.9 Class A. 103.1 doesn't cover anything from Johnstown. 1580 is useless. 1330 is worse, being a regional with an overly complicated pattern, and 1500 is a daytimer.
 
> Bankruptcy court has ordered sale of the stations. They've
> sent letters to just about every radio station in the
> cournty (or so it seems: I've seen three copies of the same
> letter so far)
>
> January 16 is bid deadline.
>
> Must be a minimum of 12 million cash (yea, right, what are
> these folks smoking?)
>
> Then they will have an auction.
>
> Prediction: It won't sell under these terms.
>
> The 1580/103.1 combo is maybe worth 1.5 million (being very
> generous)
>
> The 2 am's and class A in Youngstown are maybe worth 2
> million (again being very generous). The only "good"
> facility is the 101.9 Class A. 103.1 doesn't cover anything
> from Johnstown. 1580 is useless. 1330 is worse, being a
> regional with an overly complicated pattern, and 1500 is a
> daytimer.
>

So assuming someone actually bids on it and wins it, is there any wiggle room for moving 103.1 closer to the Columbus metro? We have been seeing CC do this for years now but it is my understanding that 103.1 is pretty much stuck out in Johnstown. I can get them on my car radio out on the west side of Columbus but not on my home stereo. My guess is they have the same problems downtown that 103.9 does but to be quite honest, I have never checked.
 
> > Bankruptcy court has ordered sale of the stations.
> They've
> > sent letters to just about every radio station in the
> > cournty (or so it seems: I've seen three copies of the
> same
> > letter so far)
> >
> > January 16 is bid deadline.
> >
> > Must be a minimum of 12 million cash (yea, right, what are
>
> > these folks smoking?)
> >
> > Then they will have an auction.
> >
> > Prediction: It won't sell under these terms.
> >
> > The 1580/103.1 combo is maybe worth 1.5 million (being
> very
> > generous)
> >
> > The 2 am's and class A in Youngstown are maybe worth 2
> > million (again being very generous). The only "good"
> > facility is the 101.9 Class A. 103.1 doesn't cover
> anything
> > from Johnstown. 1580 is useless. 1330 is worse, being a
> > regional with an overly complicated pattern, and 1500 is a
>
> > daytimer.
> >
>
> So assuming someone actually bids on it and wins it, is
> there any wiggle room for moving 103.1 closer to the
> Columbus metro? We have been seeing CC do this for years
> now but it is my understanding that 103.1 is pretty much
> stuck out in Johnstown. I can get them on my car radio out
> on the west side of Columbus but not on my home stereo. My
> guess is they have the same problems downtown that 103.9
> does but to be quite honest, I have never checked.
>

No way they can move west, due to the presence of 50kW first adjacent Class B WDHT 102.9 in Springfield.
 
> The 1580/103.1 combo is maybe worth 1.5 million (being very
> generous)


That would be generious, consdiering the "sound qualtiy" of Both 1580 (Which appears to be nothing but a CD changer (it gets stuck and skips often) with a "over lay of a legal ID at the TOH -- right over songs)

and the fact that 103.1 has been plegued with many periods of "dead air, bairly 8khz audio quality and so forth) I would think that the "equipment" in place would be not worth much, anyone buying would have to do some major upgrades to the studios, transmission plant etc.

103.1 would do "ok" in Columbus I beleive if the techincal issues where resolved, I remeber back when they where "ZRock" and "The JoyFM (when they did Satellite AC from salem) the station quality was a lot better and I could get them on a boombox in Grove City (was a kid back then)

1580 has a "decent" signal for AM, since they broadcast from U.A. They still have a "ok" signal in Columbus at night (even though its not as great as daytime) but ive got them in my car at night various parts of Columbus.

While these are not the "greatest" signals, I think if the right buyer got them they could do something worthwile with them. Ofcourse they will never be WCOL or WNCI but I think if it had the right nitche programming, they could attract some profit.

My two cents though :)
Matt


<P ID="signature">______________
Program Director/Music Director
X Music Online
The X
Today's Best Music
http://www.xmusiconline.com/</P>
 
They've never had a usable signal except in NE Franklin County.

Intermod clobbers them in downtown Columbus.
 
Haven't they filed once or twice before?

Seems the only use for 1580 is some kind of low-rent talk outfit or a brokered station.

I never tried to listen to 103.1 when I lived in Ohio (does the Hispanic population along 62 exceed 1% anyway?), but if you could put any kind of signal into the statistically young areas where OSU students live, could you run a hybrid sports/FreeFM-type station which would take advantage of talk not needing as much fidelity? You could have Tony Bruno and bring Jim Rome back, Don and Mike, Leykis, Phil Hendrie, John and Jeff... maybe Fox Sports weekends? Throw a couple Johnstown High School games on Friday nights and sell to local advertisers? Just an idea from my talkcentric mind...
 
WVKO-AM

I'm from the New York City area, but I spent summers in Columbus in 1989, '90, and '95. I remember WVKO as the main urban station in Columbus, despite being an AMer and all that. SO, my question is...what happened over there??<P ID="signature">______________
Ya Dig! Sho' nuff! By Any Means Necessary!</P>
 
Re: WVKO-AM

> I'm from the New York City area, but I spent summers in
> Columbus in 1989, '90, and '95. I remember WVKO as the main
> urban station in Columbus, despite being an AMer and all
> that. SO, my question is...what happened over there??
>

Saga (who owns WSNY Sunny95, WODB Oldies 107.9 and Smooth Jazz 103.5/104.3, sold WVKO-AM to Stop26 years ago, I think they sold it to Stop26 around the time they purchased WODB from Stop26 (correct me fellow boardies if I am wrong)


Matt
<P ID="signature">______________
Program Director/Music Director
X Music Online
The X
Today's Best Music
http://www.xmusiconline.com/</P>
 
Re: WVKO-AM

> Saga (who owns WSNY Sunny95, WODB Oldies 107.9 and Smooth
> Jazz 103.5/104.3, sold WVKO-AM to Stop26 years ago, I think
> they sold it to Stop26 around the time they purchased WODB
> from Stop26 (correct me fellow boardies if I am wrong)

Recently, Stop 26 had a CP to upgrade WVKO/1580 to 2500w. Is that still a possibility, and would it make enough of a difference in coverage to be worth the investment?



<P ID="edit"><FONT class="small">Edited by Xnewsie on 01/12/06 11:58 AM.</FONT></P>
 
Re: WVKO-AM

> I'm from the New York City area, but I spent summers in
> Columbus in 1989, '90, and '95. I remember WVKO as the main
> urban station in Columbus, despite being an AMer and all
> that. SO, my question is...what happened over there??
>
107.5 and 98.9 are both Radio One urban formats now. One younger, one older. When 107.5 signed on with its downtown signal, it was an Urban AC format (95/96). That probably hurt WVKO the most. Later they moved the "Power" format from 106.3 in London. There are a lot more details, but that is the overview.<P ID="signature">______________
Chris
202.FM</P>
 
Re: WVKO-AM

> > I'm from the New York City area, but I spent summers in
> > Columbus in 1989, '90, and '95. I remember WVKO as the
> main
> > urban station in Columbus, despite being an AMer and all
> > that. SO, my question is...what happened over there??
> >
>
> Saga (who owns WSNY Sunny95, WODB Oldies 107.9 and Smooth
> Jazz 103.5/104.3, sold WVKO-AM to Stop26 years ago, I think
> they sold it to Stop26 around the time they purchased WODB
> from Stop26 (correct me fellow boardies if I am wrong)
>
>
> Matt
>

This is correct. Saga bought WODB for $9 million + WVKO.

http://www.bizjournals.com/industries/high_tech/cable_tv_radio/2003/02/03/columbus_story7.html

"In November, Saga Communications, which is based in Grosse Pointe Farms, Mich., announced it had agreed to acquire the assets of WODB from Associated Radio for $9 million and the assets of Saga's WVKO-AM in Columbus."
 
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