Alan Bishop has sold Finger Lakes Radio Group in upstate New York to digital media veteran Scott Swanson’s TOTIB Media.
TOTIB will pay $2.2 million for the cluster, five real estate parcels and digital properties. The deal is structured with TOTIB making an immediate $250,000 escrow deposit, $650,000 at closing, and $1.32 million in a ten year promissory note with 6% interest. Alan Bishop will serve as an advisor for five years with $150,000 of the purchase price going to his obligations to provide ten hours of support per-month. An additional $100,000 of the purchase price is allocated to a five year non-compete to Bishop for participating in any radio, streaming, or media business within 75 miles for the five year term. During those five years he will also be eligible for an earn-out payment equal to 50% of the net operating income capped at $75,000 per-year and $350,000 total.
Bishop retains his ownership of Chadwick Bay Broadcasting Corporation with its “Kix Country” 96.5 WBKX Fredonia and Classic Hits 1410 WDOE/101.5 W268CX/105.5 W288EJ Dunkirk NY.
Original Report 12/18: Swanson will acquire seven stations along with the company’s FLX Digital and FingerLakesDailyNews.com products. Included in the sale are AC “Mix 98.5” WNYR-FM Waterloo, “Classic Hits 99.3” WFLK Seneca Falls, Classic Rock “101.7 The Wall” WLLW Geneva, News/Talk 1240 WGVA/106.3 W292FG Geneva, Classic Rock “The Lake” 1550 WCGR/104.5 W283BF Canandaigua and 100.1 W261DR Victor, Country 1570 WFLR Dundee/95.9 W240DO Geneva/96.1 W241CN Penn Yan/96.9 W245BL Dundee/101.9 W270BY Watkins Glen, and News/Talk 1590 WAUB/96.3 W242DC Auburn NY.
Bishop said, “This company has always been about local connection and local trust. Scott understands the role these stations play in people’s daily lives, and he understands what it takes to operate a strong local media business. I’m confident this is the right next chapter.”
Swanson most recently served as SVP/Marketing for iSpot and has held roles in media, tech and real estate businesses. He said, “This is already a strong operation with deep roots in the community. My job isn’t to reinvent it — it’s to support the people who make it work, protect what makes it special, and help ensure it remains strong for decades to come. Radio reaches people in real time, through voices they know and trust. That trust is hard-earned, and it’s incredibly valuable — especially for local businesses trying to connect with their customers in a meaningful way.”
Swanson noted that he chose the Finger Lakes Radio Group after evaluating multiple radio groups, “This was the most disciplined and well-run local media operation I encountered. That doesn’t happen by accident. It’s a direct reflection of Alan’s leadership and commitment to fostering community.”
Swanson will begin operating the stations via Time Brokerage Agreement on January 1. Frank Lischak, who has served as VP/Sales for the cluster since 2004, will rise to General Manager overseeing day-to-day operations. George Kimble, who previously owned the cluster until 2014, served as broker of the deal.
