WTMY & WXRB sale

[Wazzie]

I'm surprised nobody caught this.

Metropolitan Radio Group is selling News/Talk WTMY Sarasota and Urban WRXB St. Pete Beach going for $1.1 million. Buyer? Polnet Radio Group.

I know, I know... not exactly news that will set the world on fire. But worth mentioning.

 

[ajhenderson]

So more ethnic programming after Birach entered the area recently. And all the paytoilets are being bought... WWPR went for $452k a few months ago, and of course, TanTalk 1400 went not long ago either.

 

[sbe1]

WRXB has a fair signal in Tampa Bay and is probably worth most of that money. WTMY's signal is poor with only 500 watts. TMY's physical plant is in terrible condition, and the Catholic Church owns the real estate it sits on. I thought WWPR was still owned by Greenrose out of PA, and was being LMA'd. And to think TMY had a great sounding stereo AM signal with all the latest equipment, till the bank foreclosed and repo'd all of it several years ago. AM Radio stations that don't own the real estate the transmitter sits on arent worth a heckuvalot. Expect more Radio en espanol. 1220 is another low rent district in Sarasota. One time a pretty good signal but saddled with only 250 watts without the directional array they are supposed to be using. The Mennonites own that property now, I think

 

[ajhenderson]

WWPR sold a couple months ago to the group that was LMAing it for $452k with $50k down. Almost sounds like the radio equivalent of a used car lot where "no credit (or godawful format) is refused". Considering the station isn't running a full 800 watts, I'd say they overpaid. The guy that owns Sunny had a deal to buy the place for $400k with $80k down 18-24 months ago, when it was 1,000 watts and not diplexed at that current site.

'RXB is decent during the day thanks to saltwater conductivity, but the night pattern shoots right at... uh, Palmetto. Perfect for a Tampa market station. Although, that can be a good thing if you reformat it as Gangbanger 1590.

As to 'TMY, probably worth about what, $300k? At one time it was billing a bit more than WWPR, IIRC, but the new management that took over last summer seems to have screwed that up. There's no reason you couldn't bill, at a bare minimum, the value of the station by whoring out time. But, as David Eduardo recently indicated, all the AMs in Sarasota-Bradenton combined bill under a million bucks.

Don't know what the issue with the real estate is - yes, real estate can be a great investment, but why a local, small-time operator would want tower site land is beyond me. What are you going to do with it... so what if the value goes sky high? Why not amortize that cost with a lease? With the money you save, you can go and buy land anywhere you want and actually put it to use.

Finally, what's the quip about WSRQ (WIBQ)? Yes, they whore time, but it's a better operation than 1490 or 1280, or even 1340 up in the "big city". They are, AFAIK, running one gallon during the day. The unfortunate reality, however, is that the AM peashooters in markets like this have few other options but to auction off hours to the highest bidder. Do think they're actually going to sell spots on a station that can't be heard, has limited format selection due to its band, has to compete with high-efficiency, conglomerate competitors who can easily wipe them out, and has no ratings because of all of the aforementioned reasons? Even if they could, who would work there for $0.75 per spot commission? The only other option is turning in the license.

 

[donclarkcoe]

I was the GM at 1280AM in the 1980's when they had the big band format (Music of Your Life). We were top rated in adults beating out our FM competitors, unheard of in today's radio environment. We were a sunrise to sunset operation.
The ratings never turned to ad sales and the operation failed. I'm not aware that the station ever made money and therefore has no value. Why would someone invest $500K for a worthless license?
I also worked at WSPB(1450), WSRZ(One-oh-two-and a half) and WTRL in the 80's.
We had lots of fun but nobody made any money.
Don

 

[ajhenderson]

I was the GM at 1280AM in the 1980's when they had the big band format (Music of Your Life). We were top rated in adults beating out our FM competitors, unheard of in today's radio environment. We were a sunrise to sunset operation.
The ratings never turned to ad sales and the operation failed. I'm not aware that the station ever made money and therefore has no value. Why would someone invest $500K for a worthless license?

I don't think $500k of the $1.1M was for WTMY. Probably more, like we've speculated, in the $250 to low $300s range. "For less than the price of a 2-bedroom house..." Of course, a license has to be worth something. There are 8 AM licenses in the Sarasota-Bradenton market, 2 of which are in southern Sarasota county. So, effectively, 6. Since most of the S-B FMs with any contour to speak of target Tampa, there is very limited spectrum as you certainly know.

 

[sbe1]

Ask Genesis (WWBA 1040) whether owning the real estate your towers sit on is a worthwhile proposition. They have an even worse nite signal than before because a tower fell and they cannot run directional at nite, so they have to run with a low power ND STA. (Cant interfere with the mother ship in Des Moines, or the 1040 on the east coast West Palm, I think?) There are homes and retention ponds in the falling range of the remaining towers and the ground has been compromised. I can name numerouse powerhouse AM's that have lost their tower sites in the last several years. A lot of it was the land was worth far more than the license. 1320 formerly WAMR in Venice is another one. That property on Auburn road is worth far more than the station is. Unless CC moves it somewhere, they may find it more profitable to either turn the station into a gelding or shutting it down so they can sell the real estate. I know they filed for 35KW in eastern Manatee County in the last AM filing window, but that filing didnt pan out for whatever reason.

 

[rfrus]

The 1320 move to Manatee County fell through because they would have had to become a daytimer. No night power at all.

 

[smedge2006]

WTMY has become Chris Jones' latest home... but not for long...???

http://wtmy.com/schedule.htm

 

[radiofan58]

Thru contacts I found out that Greenrose sold WWPR last month to the people who have been LMA-ing it for about a year and a half for 480K. Valarie who had run WTMY 1280 for about a dozen years apparently realized what a toilet 1280 was and put together a group to buy 1490 WWPR. ....and boy was she right !!! , WTMY was sold last month after employees were told repeatedly that METROPOLITAN was keeping 1280 and letting Mike Craft run it.I think all of us who know area radio knew METROPOLITAN was not to be trusted and if they did trust them got what they deserved.I heard they also screwed over Craft at the same time..... On the other hand,its unreal the job thats being done at 1490 even thou its pay for play,they have put together a very interesting line up of local political talkers and local bussiness shows,they also are generating a lot of call-ins. Eddie Edwards the former Whitesox and Reds baseball announcer easily has the best sportstalk show with lots of national guests and I understand from a reliable sourse they are grossing something like 45k monthly counting a few trades. Edwards also apparently is running the daily operations..we all know that he comes in and fires everybody and can be a real S O B but he does always get the job done. I call there from time to time as I have made friends with the stations interns and board op's to find out the latest 'DIRT" thats going on. I will keep all interested area radio folks informed on what I find out. LOL

 

[sbe1]

Being right next door to the Democrats headquarters will help fill their left leaning agenda well also.

 

[sbe1]

WWPR has a far better signal than any of the other pay for play stations in the area like WTMY, or WSRQ. CC was sure dumb to let that call go. Same with dumping WAMR. And to think WWPR is the same call as that hip hop station in NYC that has all the shootings.

 

[ajhenderson]

Thru contacts I found out that Greenrose sold WWPR last month to the people who have been LMA-ing it for about a year and a half for 480K. Valarie who had run WTMY 1280 for about a dozen years apparently realized what a toilet 1280 was and put together a group to buy 1490 WWPR. ....and boy was she right !!! , WTMY was sold last month after employees were told repeatedly that METROPOLITAN was keeping 1280 and letting Mike Craft run it.I think all of us who know area radio knew METROPOLITAN was not to be trusted and if they did trust them got what they deserved.I heard they also screwed over Craft at the same time..... On the other hand,its unreal the job thats being done at 1490 even thou its pay for play,they have put together a very interesting line up of local political talkers and local bussiness shows,they also are generating a lot of call-ins. Eddie Edwards the former Whitesox and Reds baseball announcer easily has the best sportstalk show with lots of national guests and I understand from a reliable sourse they are grossing something like 45k monthly counting a few trades. Edwards also apparently is running the daily operations..we all know that he comes in and fires everybody and can be a real S O B but he does always get the job done. I call there from time to time as I have made friends with the stations interns and board op's to find out the latest 'DIRT" thats going on. I will keep all interested area radio folks informed on what I find out. LOL

First of all, what great contacts... the sale, as with every sale, is public information on the FCC website. And the price was, again, $452k. With the amount down so minimal, you'd think Valerie wouldn't need "a group". And as to staff, wasn't she basically over at 'TMY and Ed was at 'PR (which, although no one outside of the biz would know by the calls, stands for "The Pier") as the only staff member. So who would he have fired? IIRC, they have a board op who comes in on call at night, but no one full time.

As to $45k a month, that's doable, but I doubt 1490 is doing it. Oh, and trades don't count. You can't deposit a trade in the bank.

So, what's left of Metropolitan Radio? The Peashooter of Palmetto? Welcome to Radio-Info, Ed!

 

[flwfg]

Oh no.... the peashooter (WBRD AM 1420) was already sold by Metropolitan before the other two...


I too doubt that WWPR is billing 45K a month... I can't see why anyone would buy there... leaning left for the most part...an complete hodge podge of "programming" ...nothing to KEEP me tuned in there... Seems you never know what to expect...

A long time ago, I was told by a local programmer that the audience should pretty much expect to hear the same thing no matter when they turned on your station... CONSISTANCY ... and the difference between a good and a GREAT local station was local news and local community involvement.... Not @ WWPR... Part spanish... sports, left wing, right wing, some local, some not... NO real news...

I usually just tune in to see if they are still on the air...

oh well... so much for LOCAL radio...

walt