Family Radio Acquires 950 WPEN Philadelphia
Update 12/19: Conspicuously timed to take place on the day that another group predicts the world will end, Family Radio will return to Philadelphia on Friday, December 21 at 6:00pm when 950 WPEN drops its simulcast of Sports “97.5 The Fanatic” WPEN-FM and brings the WKDN calls back to the market.
Original Report 9/21: Harold Camping’s Family Radio will return to Philadelphia as the group has acquired 950 WPEN Philadelphia from Greater Media for $8.5 Million.
Family Radio has been heard on 106.9 WKDN until that station was sold to Merlin Media late last year and has since become Conservative Talk “IQ 106.9” WWIQ. 950 WPEN will continue to simulcast Sports “97.5 The Fanatic” WPEN-FM until the sale is complete. Greater Media will retain the WPEN call letters for 97.5.
The Press Release follows:
Family Stations, Inc. today announced that it has reached an agreement to purchase Greater Media Philadelphia’s station WPEN-AM, licensed to Philadelphia, PA. WPEN-AM is a Class B station that transmits on 950 kHz with daytime power of 43,000 watts and nighttime power of 21,000 watts. Greater Media will retain the WPEN call letters for its FM Sports station, 97.5 The Fanatic. The transaction is subject to customary conditions, including regulatory and other approvals, and WPEN-AM will continue to air its current line-up of sports programming while the closing is pending.
Media Venture Partners, LLC represented Family Stations in the transaction.
Tom Evans, Vice President of Family Stations commented, “We at Family Radio are grateful to again have the opportunity to provide God’s Word to our long-time listeners in the greater Philadelphia area. We thank Greater Media for their cooperation and professionalism.”
“Family Stations has been a pleasure to work with,” said Greater Media Philadelphia Vice President and Market Manager John Fullam. “Greater Media looks forward to focusing on the growth of 97.5 The Fanatic, the best sports talk station serving the market and the new home to Sixers and Flyers play by play.”
About Family Stations, Inc.
Family Stations, Inc., operating as Family Radio, is a nondenominational, noncommercial, nonprofit, listener-supported, 24-hour, Christian ministry based in Oakland, CA.
About Media Venture Partners, LLC
Media Venture Partners (MVP) Provides strategic counsel and financial services, mergers/acquisitions, private equity/debt raises, financial, valuations and appraisals, Media Venture Partners has completed over $15 billion in transactions and focuses on clients in the media, telecom, renewables, technology and datacenter industries. Founded in 1987, MVP has offices in San Francisco, Boston, Boulder and Kansas City.