WPEN/950 Sold to......Family Radio!

[DanStrassberg]

No. FR will pay aprox. 12% (or less) of the sale price prceeds of 106.9 as a capitol expenditure investment for the acquisition of 950.

Sam: That would have been helpful if I had been able to remember (or find) what FR got/is getting for 106.9. That went to Randy Michaels, right? I thought a price had been announced. Am I wrong? What CCU paid Buckley for WOR et al, is a good deal more than 12% of what I believe a full Class B FM in market #1 would bring in 2012. I believe that, at one point, such an FM would have cost a buyer $400 million, but now the number is only about half as much. Correct me if necessary.

 

[fennessy]

Bob Corse, The Phillies....

 

[luperm]

Much less than that, Dan. If I recall, the selling price of WQXR (96.3) in New York was in the $60-$65 million range.

 

[HGN2001]

Please feel free to add names to this thread:

Red Benson, Frank Ford, Joe Grady, Ed Hurst, Bud Brees,Jules Rind, Lee Norman, Jim Tate, Bill Smith, John Lang, Chuck Daugherty, Jay Dunn, Bob Fitzsimmons, Tom Brown, Dick Harvey, Tom McClean, Kevin Fennessy, Wynne Moore, Dave Stanley, Nick Reynolds, Deane Mercier, Loren Owens, Mike St. John, Bobby Dashboard Dark, Bobby Mitchell, Geoff Fox, Rick Harris, Paul Cassidy, George Benson, Dan o'Toole, Bruce Erik Smallwood, Brandon Brooks, John Winters, Hy Lit, Joe Niagara, Jim Nettleton, Art Andrews, Ken Garland, Elaine Soncini, Jerry Stevens, Andy Hopkins, Charlie Mills, Bill Kimble, Bruce Davis, Rick Anthony, Dean Tyler, Alan Michaels, Dick Clayton, Bill Webber, Andy Kortman, Mike Bowe, Christy Springfield, Jerry Blavat...great names on a great and historic radio station, we'll never forget.

Tom Moran, Bill Wright, Sr., Chris McCoy, Glenn Barton...

 

[qtpieislit]

No. FR will pay aprox. 12% (or less) of the sale price prceeds of 106.9 as a capitol expenditure investment for the acquisition of 950.

Sam: That would have been helpful if I had been able to remember (or find) what FR got/is getting for 106.9. That went to Randy Michaels, right? I thought a price had been announced. Am I wrong? What CCU paid Buckley for WOR et al, is a good deal more than 12% of what I believe a full Class B FM in market #1 would bring in 2012. I believe that, at one point, such an FM would have cost a buyer $400 million, but now the number is only about half as much. Correct me if necessary.

Dan, a sales multiple is N/A for PEN/AM since it will flip to non com status. GM will wright down the differential on what they value the property against the sale price transfer. They sale price will likely closer reflect that last sale of a Phila. AM property value, (1340/WHAT-AM).

 

[DanStrassberg]

Dan, a sales multiple is N/A for PEN/AM since it will flip to non com status. GM will wright down the differential on what they value the property against the sale price transfer. They sale price will likely closer reflect that last sale of a Phila. AM property value, (1340/WHAT-AM).

Wouldn't it make more sense to retain the commercial status but to operate in such a way as to just break even? That way, the value of the property doesn't take a hit but there still are no income taxes to be paid. In fact, didn't FR operate 106.9 in just that way in the period of a few months immediately preceding the sale of the FM? Having the property on the books at the higher commercial value would seem to provide an additional cushion for borrowing should that become necessary. There must be many precedents for non-profit organizations owning for-profit entities. Also, if a for-profit entity operates at break-even, isn't the difference between it and a non-profit pretty much academic?

 

[rtetro]

I wonder if Family Radio will totally turn off the IBOTCH...uh, IBOC, on 950? That would be an improvement....

 

[GSP163]

Much less than that, Dan. If I recall, the selling price of WQXR (96.3) in New York was in the $60-$65 million range

Which if funny because Class A 92.7 WLIR Garden City went for $62 milion in late 2003....Wonder what that signal would go for today.

 

[deepstblu]

I think this must mean that, in two major markets (SanFrancisco-Oakland-SanJose and Philadelphia), Family will have the fourth best AM signal. Bay Area: 680, 810, 740, 610. Philly: 1210, 1060, 610, 950. I guess those rankings can be argued, but does anyone know (or even have an informed guess) on the selling price for WPEN? Didn't CCU just pay Buckley $30 million for WOR et al? Would WPEN be worth 1/4 of that?

The official price is $8.5 million (per http://news.****************/cgi-bin/rol.exe/headline_id=b13419 and http://www.allaccess.com/net-news/archive/story/110608/family-stations-buys-wpen-a-philadelphia).

In the Philly market, WEMG--a far inferior signal--sold for $8.75 million in 2005.

 

[xmusicmatt]

I wonder if Family Radio will totally turn off the IBOTCH...uh, IBOC, on 950? That would be an improvement....

Likely so.. I doubt they wanna pay the reoccurring licensing fees to iBiquity... since FR does not gain anything from running IBOC.

 

[joshzz]

I'm actually surprised Family Radio decided to buy back in the market. Could be a workable strategy for them throughout the country. Sell their FMs and buy lower priced AM in same markets. Use profits from sales to keep the network afloat for now. They have for sometime fallen from grace in the Christian Community due to many things said by Harold Camping. The new head of the company will not be able to bring the network back unless the company clearly separates itself from Camping's belief system that the church age is over and that churches have no role in Christianity today. t was a very dangerous doctrine, Mr. Camping was teaching.

 

[Jmb 65]

Please feel free to add names to this thread:

Red Benson, Frank Ford, Joe Grady, Ed Hurst, Bud Brees,Jules Rind, Lee Norman, Jim Tate, Bill Smith, John Lang, Chuck Daugherty, Jay Dunn, Bob Fitzsimmons, Tom Brown, Dick Harvey, Tom McClean, Kevin Fennessy, Wynne Moore, Dave Stanley, Nick Reynolds, Deane Mercier, Loren Owens, Mike St. John, Bobby Dashboard Dark, Bobby Mitchell, Geoff Fox, Rick Harris, Paul Cassidy, George Benson, Dan o'Toole, Bruce Erik Smallwood, Brandon Brooks, John Winters, Hy Lit, Joe Niagara, Jim Nettleton, Art Andrews, Ken Garland, Elaine Soncini, Jerry Stevens, Andy Hopkins, Charlie Mills, Bill Kimble, Bruce Davis, Rick Anthony, Dean Tyler, Alan Michaels, Dick Clayton, Bill Webber, Andy Kortman, Mike Bowe, Christy Springfield, Jerry Blavat...great names on a great and historic radio station, we'll never forget.

 

[Jmb 65]

Dick Harvey... Now there's a name from out of the past! It's ironic that the only time I was within the Philadelphia listening area (1966) was when Dick was managing a small market station with an awesome sound in my hometown in the northeast. I believe he replaced Burt Sherwood in that capacity. Having done a Google search on Dick to no avail, I would like to know anything about his radio history in Philadelphia and would welcome updates.

 

[deepstblu]

Dick Harvey... Now there's a name from out of the past! It's ironic that the only time I was within the Philadelphia listening area (1966) was when Dick was managing a small market station with an awesome sound in my hometown in the northeast. I believe he replaced Burt Sherwood in that capacity. Having done a Google search on Dick to no avail, I would like to know anything about his radio history in Philadelphia and would welcome updates.

Was Dick Harvey the last morning drive man at WPEN before the Greater Media purchase? Most of the other shifts on WPEN at that time (1973 to early 1975) were being held down by guys who were news reader/staff announcer types (Jules Rind, Lee Norman, Bill Smith, Sid Dougherty), some of whom were moonlighting from other stations. It was obvious that the station was running on fumes (hardly any spots, no jingles or imaging, signing off at midnight to save on the electric bill) but the on-air presentation was still professional.

 

[MikefromDelaware]

I'm actually surprised Family Radio decided to buy back in the market. Could be a workable strategy for them throughout the country. Sell their FMs and buy lower priced AM in same markets. Use profits from sales to keep the network afloat for now. They have for sometime fallen from grace in the Christian Community due to many things said by Harold Camping. The new head of the company will not be able to bring the network back unless the company clearly separates itself from Camping's belief system that the church age is over and that churches have no role in Christianity today. t was a very dangerous doctrine, Mr. Camping was teaching.

Given that a majority of their listeners are older folks who know where the AM band is and don't mind listening to it, moving to less costly AM is a smart move. You are totally correct about the new head of Family Radio having to clearly separate their stations from Camping's teachings if they expect to survive.

If you are one of those folks who like listening to hymns and other sacred music from the church a good place to go is Lutheran Public Radio, online lutheranpublicradio.org/, they also have a talk issues online station, see the link for that at LPR Lutheran Public Radio. Simply google Lutheran Public Radio, this station follows the Lutheran Church Missouri Synod teaching (conservative) rather than the liberal ELCA Lutheran Church.

 

[jh]

I'm actually surprised Family Radio decided to buy back in the market. Could be a workable strategy for them throughout the country. Sell their FMs and buy lower priced AM in same markets. Use profits from sales to keep the network afloat for now.

That's what they've been doing for a long time... San Diego, Los Angeles, San Francisco. Swapped an FM for an AM and a big pile of cash.

 

[fennessy]

Dick Harvey was the last PD at WPEN under the ownership of The William Penn Broadcasting Company, which was headed by real estate mogul Martin Field. Tom Brown was the previous PD until Fall '73, when he left for WCAU-AM and Dick took over. During 1974, Greater Media purchased the stations, and FCC approval in those days took 5 months. The annouoncers were covered by an AFTRA contract, and it was a condition of the sale that the union agreements expired...which they did. WPEN's ownership, to that end, laid off the announcing staff of "disk jockey types"(myself included), and put the news department on the air playing records in three six-hour shifts. Lee Norman, Jules Rind, Bill Smith, then WPEN signed off the air 12:Midnight to 6AM.

Jules Rind, who was a dear man and a former war correspondent for Mutuual Network, gave one of my best remembered quotes during that time. " There's a lovely melody...Baby Come Close...Miss Smokey Robinson. here on WPEN."

On some January morning in 1975, Dick Harvey was on the air, and was instructed by the chief engineer from the transmitter to crack open the mike and say the following words. " We're going to leave the air for a while, this is WPEN, and WPEN-FM, Philadelphia".