wickedwritah said:
WCRB was governed by what most people thought was an iron-clad legal document that would never allow a sale to happen.
It was long time owner Ted Jones's will, which specified that WCRB not be sold, nor its format changed from classical, for one hundred years.
Had Ted owned 100% of WCRB, his wishes would have stood. However, he only had a little more than 50%. The largest minority investor was a man named Stephen Paine; Richard L. Kaye came next, followed by myriad others including the Boston Symphony and a few long time WCRB employees like Dave MacNeill.
Mr. Paine, whom I never met, died a few years after Ted; I don't know who ended up with his stock. Richard Kaye would almost live to see the sale; his funeral took place on the very day Greater Media took over 102.5. Richard -- I didn't know him well enough to call him Dick -- was a college classmate of my father, and, incidentally, an early member of WHRB.
WCRB was worth perhaps $20 million in 1991, and I'm told that Ted on his deathbed refused an offer for more than that from Howard "Woody" Tanger. At $20 million, it was possible to make the argument that WCRB could return its investors more as an ongoing business than on the auction block. That was the reason for the format changes of the 1990s and the appearance of Bill Campbell and Mario Mazza: to make WCRB profitable enough to keep everyone happy. WCRB's musical critics never seem to have understood that.
By 2005, stations like WCRB were fetching $100 million or more. The math of 1991 no longer worked, and stockholders were demanding to be bought out. One of them found that Massachusetts law could be used to force the sale of the station, and since the Company couldn't otherwise raise the cash to buy him or her out, it was game over. All of the Charles River stations and its 14-station network were sold in 2006 and 2007. Greater Media paid $100 million for WCRB. In a separate deal, it gave 99.5, WCRB's intellectual property, its Waltham studios, and some cash to Nassau Broadcasting in exchange for a station in Philadelphia. Nassau's new WCRB on 99.5 became WGBH's Classical New England in 2009.