Nassau Broadcasting Auction Results
Update 6/14: Two of the stations that Jeff Shapiro’s Vertical Captial Partners acquired the rights to will be spun off to a third party to keep Shapiro under FCC ownership limits. “101.5 The Fox” WEXP Brandon and “Oldies 104.3” WWOD Hartford, VT will be sold William and Gail Goddard’s Electromagnetic Company. Both WEXP and WWOD have simulcasts that will be staying with Vertical Capital so we will need to wait to see what happens with the programming at the pair.
Update 5/23: Bill Binnie’s Carlisle Capital has won the bidding for $12.5 Million.
The stations will be spilt upon Binnie’s WBIN Media and Jeff Shapiro’s Vertical Capital Partners as follows:
WBIN Media will receive 17 stations:
Maine – Talk/Oldies 870 WLVP Gorham and 1470 WLAM Lewiston, Country “99.9 The Wolf” WTHT Portland and 99.3 WBQQ Kennebunk, Rock “106.3 The Bone” WHXR Kennebunkport, Classical “W-Bach” 106.9 WBQX Thomaston and 107.7 WBQI Bar Harbor, and Classic Hits “107.5 Frank-FM” WFNK Lewiston and 105.5 WBYA Islesboro
Vermont – Country “95.3 & 107.1 The Wolf” WXLF Hartford and WZLF Bellows Falls
Vermont – Talk 1450 WSNO Barre, Country 1490 WIKE Newport, Hot AC “Moo 92” 92.1 WMOO Derby Center, Country “Froggy 100.9” WWFY Berlin, Classic Rock “101.5 The Fox” WEXP Brandon and 100.7 WTHK Wilmington, Classic Hits “Oldies 104.3” WWOD Hartford and 96.3 WFYX Walpole, NH, Classic Hits “107.1 Frank-FM” WORK Barre
Update 5/21: The remaining Nassau stations in Maine, New Hampshire, and Vermont will be auctioned tomorrow.
They had been rumored to be sold to a partnership of Bill Binnie and Jeff Shapiro for $12.5 Million, but the deal was never completed. Shapiro previously operated many of those stations when he co-ran Vox Radio Group. He also owns 7 stations in New Hampshire and Vermont under the name Great Eastern Radio.
Original Report 5/7: The winning bidders for the auction of bankrupt Nassau Broadcasting’s properties have been revealed.
Goldman Sachs, Nassau’s primary creditor will retain the eleven New Jersey and Pennsylvania properties with a $37.8 Million credit bid. Those stations serve the Trenton, Allentown-Bethlehem, and Stroudsburg markets.
Pennsylvania – Talk 840 WVPO Stroudsburg & 960 WPLY Mount Pocono, Christian “The Light 1160” WBYN Lehighton, Sports “ESPN Lehigh Valley” 1230 WEEX Easton and 1320 WTKZ Allentown, Hot AC 93.5 WSBG Stroudsburg, and Classic Hits “99.9 The Hawk” WODE Easton.
Manning Broadcasting gets the Maryland stations of Talk 1490 WARK Hagerstown, Hot AC “Key 103” WAFY Frederick, and Classic Hits “106.9 The Eagle” WWEG Hagerstown with a $6.4 Million bid. Manning had sold WARK and WWEG to Nassau in December 2004 but had recently sued Nassau for over $1 Million in missed payments.
The Cape Cod, Massachusetts cluster of Classic Hits “93.5 & 101.1 Frank-FM” WFQR Mashpee and WFRQ Harwich Port and Rock “Pixy 103” WPXC go to John Garabedian of “Open House Party” fame for $2.7 Million.
In Maine, one part of the Classical “W-Bach” trimulcast will go its own way as 104.7 WBQW Kennebunkport was sold to Mainestream Media for $150,000. Catholic “106.7 The Presence” North Windham/Portland goes to The Presence Radio Network for $250,000. That group had already been leasing the station.