americom voice the radio broadcasting industry®€¦ · americom over 2.5 billion radio stations...

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October 13, 1997 Tolume 14, Issue 41 AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD WSCQ (FM) Columbia, SC WKOC (FM) Norfolk, VA WTAR (AM) Norfolk, VA WLTY (FM) Norfolk, NA WHOM/WCSO Portland, ME WRIE (AM) Erie, PA WXKC (FM) Erie, PA KJJY (FM)/KKSO (AM) Des Moines, IA KFRQ/KKPS (FM) McAllen, TX KVLY (FM) McAllen, TX WSNE (FM) Providence, RI (;a ni mon Dan Gammon 'cop Prices *Quality Stations Available (202) 737-9000 1.11 ea 1111 VOICE OF THE RADIO BROADCASTING INDUSTRY® FCC: No one at the helm, thanks to Helms? 3 The four nominees to the FCC breezed through the Commerce Committee, but full Senate confirmation is another matter, for a number of reasons. Nationwide kicks off nationwide search for a buyer 3 Nostalgia for Nasdaq: Radio net goes public 3 Grin and beer it: Brewers run heavy radio schedules 3 MNN expands into the Dakotas with UPI in tow 4 VS&A buys Long Island's Yellow Book 4 Birch readies full Des Moines report, move into other markets 4 RBR INTERNATIONALTM Broadcasters boldly go where no FCC Commissioner can follow 6 M111111171111 mommom U a -1,1L,1111,1 -11(11.11 MN 1 1 1.."1 1 I 362,1.:1111 .1%/11_1_3:1%M -1-1.7VT 11-111174 11 I -1 -1 Lay a lei on Paxson; Granite gets frisky in Frisco 7 Mil 1 1/117111111111111011111 AM. `11f-r1F-S7WIlll . Irk MOM 1 1 11,1:1i1i- v17.A7:1111. 1/11M/717 1 1111:11171101MM NM 1 111.,LI.,1111111s a /.....L1n.:ALL.7 I I Running with the bulls: Radio stocks stay out in front 3-9 Howitzers and popguns get their fill in Philly 10 V 1,1 1 1 I I I11 . . IMO 1, 1 r.-.T-Tra-r 31111M I 11111:1 1 7 \W.'7 1 1 111C131 Citadel saturates Wilkes-Barre with non -overlapping signals 12 The mountains make Wilkes-Barre/Scranton tough to cover, but not if you can keep buying stations. Two deals will bring Citadel's total to eleven. Atlantic City: Ms. Henry waives combo to WAYV for $9.1M 12 MAJAC takes its act to Binghamton 12 Journal journalism: $5.475M for Omaha combo 12 Nationwide on the block: An inventory 13 It's good-bye Columbus for the Angelis; Cumulus is super 13 ATS, OmniAmerica, Cox continue to snap up towers 14 Newsprint wars: 6,000 -person town gets its third paper 14 Inside... RADIO BUSINESS REPORT' INTERNATIONAL Broadcasters go beyond US borders see page 6

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Page 1: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

October 13, 1997Tolume 14, Issue 41

AMERICOM

Over 2.5 BillionRadio Stations Sold

PART IV IN .4 SERILS OF IV

KQUE (AM/FM)Houston, TX

WBGR (AM)Baltimore, MD

WSCQ (FM)Columbia, SC

WKOC (FM)Norfolk, VA

WTAR (AM)Norfolk, VA

WLTY (FM)Norfolk, NA

WHOM/WCSOPortland, MEWRIE (AM)

Erie, PAWXKC (FM)

Erie, PAKJJY (FM)/KKSO (AM)

Des Moines, IA

KFRQ/KKPS (FM)McAllen, TX

KVLY (FM)McAllen, TX

WSNE (FM)Providence, RI

(;a ni mon Dan Gammon

'cop Prices *Quality StationsAvailable

(202) 737-9000

1.11ea

1111

VOICE OF THE RADIO BROADCASTING INDUSTRY®

FCC: No one at the helm, thanks to Helms? 3The four nominees to the FCC breezed through the Commerce Committee,

but full Senate confirmation is another matter, for a number of reasons.

Nationwide kicks off nationwide search for a buyer 3Nostalgia for Nasdaq: Radio net goes public 3Grin and beer it: Brewers run heavy radio schedules 3MNN expands into the Dakotas with UPI in tow 4VS&A buys Long Island's Yellow Book 4Birch readies full Des Moines report, move into other markets 4

RBR INTERNATIONALTM

Broadcasters boldly go where no FCC Commissioner can follow 6M111111171111mommom

U

a-1,1L,1111,1-11(11.11 MN 1 1 1.."1 1 I 362,1.:1111

.1%/11_1_3:1%M-1-1.7VT11-11117411

I -1 -1

Lay a lei on Paxson; Granite gets frisky in Frisco 7

Mil 1 1/117111111111111011111 AM.`11f-r1F-S7WIlll . IrkMOM 1 1 11,1:1i1i- v17.A7:1111. 1/11M/717 1 1111:11171101MMNM 1 111.,LI.,1111111s a /.....L1n.:ALL.7 I I

Running with the bulls: Radio stocks stay out in front 3-9

Howitzers and popguns get their fill in Philly 10

V1,11 1I I

I11 . . IMO 1, 1 r.-.T-Tra-r31111M I 11111:1 1 7 \W.'7 1 1 111C131

Citadel saturates Wilkes-Barre with non -overlapping signals 12The mountains make Wilkes-Barre/Scranton tough to cover, but not if you

can keep buying stations. Two deals will bring Citadel's total to eleven.

Atlantic City: Ms. Henry waives combo to WAYV for $9.1M 12MAJAC takes its act to Binghamton 12Journal journalism: $5.475M for Omaha combo 12Nationwide on the block: An inventory 13It's good-bye Columbus for the Angelis; Cumulus is super 13ATS, OmniAmerica, Cox continue to snap up towers 14Newsprint wars: 6,000 -person town gets its third paper 14

Inside...

RADIO BUSINESS REPORT'INTERNATIONALBroadcasters go beyond US borders

see page 6

Page 2: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

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The only one stop, drop dead reliable resource that can help you

Stay upwith all the changes in the radio industry and give you the most up

To dateinformation on who's who and what's what

In '98It's been two years since the telcom bill passed.

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Page 3: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

Jim Carnegie PublisherKaty Bachman VP/Editor-in-Chief Ken Lee Associate PublisherJack Messmer Senior Editor Cathy Carnegie VP AdministrationDave Seyler Senior Editor Ronald Greene Executive Director of ProductionCarl Marcucci Associate Editor Maggie Daley Account ExecutiveFrank Saxe Associate Editor Beth Dell'Isola Account ExecutiveMona Wargo FCC Research Consultant April Olson Admin. Assistant

Campaign finance and Helms may hold up FCC nomineesThe seating of a new FCC may betangled in a political web only Wash-ington could weave. After winningendorsement by the Senate CommerceCommittee last Wednesday (10/8) thefour nominees to fill FCC vacanciesmay be waiting for the Senate to takeup their nominations, thanks to abrewing battle on Capitol Hill.

Majority Leader Trent Lott (R -MS)says no vote will be held on the nomi-nations of Chair -designate BillKennard, fellow Democrat GloriaTristani and Republicans MichaelPowell and Harold Furchtgott-Rothuntil Senate Republicans and Demo-crats come to an agreement on cam-paign finance reform.

It also remains to be seen ifKennard's nomination will be held upby Sen. Jesse Helms (R -NC), who hasquestioned Kennard's involvement inthe case of Asheville, NC broadcasterZeb Lee, who has fought with theCommission for more than ten yearsover obtaining a license.

In a written response to questionssubmitted by Helms, which was ob-

tained by RBR, Kennard says he didadvise the Commission as its GeneralCounsel, but removed himself from thecase when it appeared it would comeup during nomination hearings. Helms'spokesperson won't comment onwhether or not the nomination will beblocked by the powerful Senator.

Kennard also faced harsh criticismby Sen. Ted Stevens (R -AK), who said"substantial damage" had been doneto the 1996 Telcom Act duringKennard's tenure at the FCC. Stevensis angry with how the FCC has handledthe issue of universal access to newtelephone technologies. However, hedid vote for the nominee.

Although the Commerce Committee'svote was held behind closed doors, RBRhas learned Sen. Kay BaileyHutchinson (R -TX) voted against rec-ommendingTristani. During confirma-tion hearings two weeks ago,Hutchinson said she would base hervote on whether the FCC should havethe power to overrule a locality on theissue of tower siting.

Barring Helms' interference and a

protracted fight over campaign fi-nance, the full Senate should vote onthe four by the end of this week.

RBR observation: "It's not healthyto have them held up over an ex-tended period of time, " says NAB NewEngland Rep and GM of WKLX Con-cord, NH Dick Osbourne. He saysmany broadcasters are anxious sincethe nominees didn't give up muchduring their hearings. "They weren'tpressured, so we really don't knowabout this reconstituted Commis-sion," says Osbourne.

For SaleNationwide is

FirstSFX, then ARS-now Nationwide Com-munications has been put up for sale. Itsparent company, which sells insurance,wants to focus on its "core businesses."

Obvious bidders for this group of mostlytop -20 market stations would include CBS(N:WX), Disney's (N:DIS) ABC Radio andJacor Communications (O:JCOR). Earlyestimates put the value at more than $500M.Nationwide has retained broker GaryStevens to handle the sale.

See page 13 for details.

NBG going public; syndiesCountry show

NBG Radio Network, a division ofNostalgia Broadcasting Corp., is onthe verge of going public. The com-pany is S&P rated, blue skied in 41states and waiting on approval of itsNasdaq symbol (O:NBGM). "We willissue a small capitalization initially,with a nine -to -12 month goal of $20M

to trade on the Nasdaq National Mar-ket System," said John A. Holmes,GM/CEO. The company produces andsyndicates 20 national shows to 1750affiliates in the U.S.

Meanwhile, NBG continues to buildits syndication portfolio. Last week, itannounced an agreement with MORMedia and The Country Company tosyndicate "The Country Oldies Show"to Country, MOR and Nostalgia for-

mats. The two-hour weekend showpulls songs from 1965-1985, with the70's and 80's most emphasized. Theshow is barter only, and stations havethe option of airing previous showsfor daily broadcast. As of 10/8, affili-ate count reached 40.

More beer on radio

While a review of alcohol advertisingby the FCC is looking more and more

© 1997 Radio Business Report, Inc.Publishers of Radio Business Report, Mid -Week News Brief, the Source Guide, Manager's Business Report

and the Information Services Group database. Material may not be reproduced without permission.EDITORIAL/ADVERTISING OFFICES: 6208-B Old Franconia Road, Alexandria, VA 22310 (or) P.O. Box 782, Springfield, VA 22150

Main Phone: 703/719-9500 Editorial/Sales Fax: 703-719-7910 Subscription Phone: 703-719-7721 Subscription Fax: 703-719-7725Advertising sales information: Ken Lee 703-719-9500 Fax 703-719-9509

Email the Publisher: [email protected] Email Editor: [email protected], Email: Editorial radiobiz@ aol.com Email Sales: [email protected]

Subscription Cost $220.00

10/13/97 RBR3

Page 4: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

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Birch unveils next steps;let the ratings wars begin!Responding to our story last week in whichwe compared BirchResearch ratings withArbitron Phase 2 ratings in Des Moines(RBR 10/6, p. 4), BirchResearch PresidentTom Birch told RBR that the differencesin the ratings results are due to margin oferror and do not reflect any methodologicalvariances between the two services.

Birch will be putting out a full report whichincludes sample diagnostics, at the end ofthe month. In addition, as we reported lastweek, a better comparison of the ratings canbe made when Arbitron releases its ratingsfor Des Moines on Oct. 20.

Now that BirchResearch has released itsfirst ratings, it is putting its sales effort into

high gear. Birch told RBR that he stoppedall sales efforts for the Des Moines test,but is busy sending out contracts, con-centrating on markets 50 to 100 andsmaller.

"Right now, we're locked out of the top100 because of Arbitron contracts. We'rewaiting for the big wave at the end of thenext year," said Birch. No one has signedyet, but Birch expects to be in six to 10markets by Spring 1998.

For agencies, Birch's strategy is to pro-vide the ratings service at no charge. "Weare presenting [BirchResearch] as a com-panion," said Birch. "We'll provide it with-out charge as long as they use it to

negotiate and average the two numbersWe'll make it easier to buy radio by bring-ing more stability to the ratings. By usingthe same methodology [as Arbitron], we'rein effect, doubling the sample size in the

market. -KB

likely (RBR 9/22, p.10), beer compa-nies are not scaling back their use ofradio.

Moosehead Beer is launching a$5.5M campaign using radio, cable,print and outdoor. Ads for the Cana-dian brew will hit airwaves in Novem-ber, according to Ron Christesson,

in Dallas. "It's basically a lifestyle cam-paign," he tells Ad Age. The spots willfeature beer drinkers enjoying outdooractivities such as skiing. Moosehead isthe number four Canadian import.

Coors Brewing Co. has launched anew promotion using radio and point -of -purchase ads. The annual "Queenof Hollywood" campaign featuresformer Playboy model turned sitcomwannabe Jenny McCarthy. In thepast, Elvira was Coors' covergirl-butshe is now marketing her own brew.

TV's not immune from controversyeither. There's no cork -popping forCanandaigua Brands' Cook's cham-pagne at the Center for Science in thePublic Interest (CSPI). It is calling onABC-TV and FOX -TV to refuse adsfeaturing Olympic skater ToddEldredge. "Young skating fans may bemisled by this promotion of alcohol,"said CSPI's George Hacker. There areno plans to air the spots on radio.

MNN expands to ND

Think the news war is only beingplayed out in New York and DC?Think again! The Minneapolis -basedMNN Radio Network is teaming up

with UPI to provide a wire service forNorth and South Dakota. News Di-rector Curt Johnson says, "We'll bein direct competition with AP."

Starting Nov. 3, the wire will pro-vide local and regional news for NorthDakota and western Minnesota. APierre, SD bureau will open by theend of the year. National and inter-national news will come from UPI,which is tightening its link with state-wide news services. MNN has roughly50 affiliates in Minnesota.

VS&A acquires The Yellow Book

In a management -led buyout, VS&A(Veronis, Suhler & Assoc.) Commu-nications Partners II, LP, has ac-quired Multi -Local Media Informa-tion Group, Inc., an independentpublisher of The Yellow Book, fromAcadia/Oak Hill Partners and CignaInvestments. Chase ManhattanBank's Chase Securities providedsenior secured credit financing fa-cilities, which included a provisionfor future acquisitions.

Long Island -based Yellow Book, witha total circulation of 5.5M and morethan 44,000 advertisers, publishesabout 200 yellow page directories inseveral markets including New York,NewJersey, Pennsylvania and Florida.

VS&A is a $330M private equity fundthat was established in Sept. 1995. Sofar, VS&A has invested or committedmore than $195M to eight businessesin radio, cable, publishing, trade showsand business information.

410/13/97 RBR

Page 5: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

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Page 6: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

RBR Internationalm

US broadcasters takehomesteading abroad

by Robert Richer*

s multiples for stations increasein the U.S., and as prices continue to shoot through the Tro-

posphere on an almost daily basis,there are increasing numbers of U.S.broadcasters who are starting to takea close look at radio investment op-portunities outside of this country.

Many of us are aware of the activi-ties of Clear Channel's (N:CCU) DickNovik. Emmis' (O:EMMS) MartyGreenberg and Metromedia's CarlBrazell. Clear Channel has controlof a Prague FM station, and is well -established in Australia and NewZealand. Both Clear Channel andEmmis have submitted extensive(and expensive) applications for theabout -to -be privatized Hungariangovernment rock station, RadioDanubius. Metromedia Internationalowns successful stations in Mos-cow, St. Petersburg, Sochi, Riga, andHungary, to name but a few, and ithas just purchased control of a Ber-lin station, "News/Talk."

There is a new group on the scene,however, named Spectrum Europe,Inc. Spectrum is run by longtimeU.S. radio pro Michael Osterhout,who decided that the game was fartoo rich in this country, but that thepotential abroad was irrefutable.Presently, Spectrum is analyzing

deals in the United Kingdom, theNetherlands, Poland, Russia, theCzech Republic, the Slovak Repub-lic, Bulgaria, and Italy, with moreopportunities arising every day.

What can $1M buy you in the U.S?Not much. But $1M just bought Clear

Practical tips forglobe-trottingbroadcasters

Unless you're contemplating doingbusiness on the Pacific Rim, it helps tobe located on the East Coast. My workday generally starts at about 4:00 AM,which is 10:00 AM in Berlin and Paris. Ifind it helpful to get to many of thesepeople before the lunch hour.

It is apparent that in order to becomea player oversees, the first item on anylist is the acquisition of a good atlas.

Anyone with an aversion to travelneed not apply.

An ability with languages certainlyhelps, although there is little doubt thatEnglish is truly the language of busi-ness around the world. My pal MurraySmith, who was until recently presidentof Bozell International, is fluent in sevendifferent languages.

Channel 51°A) of a successful FM sta-tion in Prague, a city of over onemillion population.

Metromedia purchased 70% of theBerlin station for roughly $4.2M.13er-lin/Brandenburg has a population ofover five million. This is about the sizeof San Francisco. Checked stationprices in San Francisco lately?

There is no doubt that the furtherEast one goes into Europe, the greaterthe risk. These are true emergingmarkets, and certainly it is far differ-ent doing business in, say, Sofia thanit is in any U.S. market. But it hasn'tstopped Carl Brazell's MetromediaInternational from picking up a sec-ond FM in St. Petersburg (No, notFlorida).

And there is no doubt but thatthese markets are just at the begin-ning of the curve in terms of radiorevenue growth. There are exceptions,however. Whereas U.S. radio takesabout 7.0% of all advertising expendi-tures, that number in the United King-dom is 5.0%, but grew to over 18%last year. Commercial radio in Ire-land takes 10% of all advertising ex-penditures. Put another way, it canjust get better, and it is.

Investing outside of the UnitedStates is not for the faint of heart. Butfor those who have vision and initia-tive, there is no doubt but that radioownership on a global basis will be-come hugely rewarding over the nextten years.

* Robert Richer is a media brokerand president of International MediaConsulting, Inc.

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Page 7: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

TelevisionBusiness Report

Paxson building in HawaiiIf Bud Paxson ever needed an excuseto go to Hawaii (not that the weather is sobad in Palm Beach, FL), he now has one-building a new TV station. Paxson Com-munications (A:PXN) is buying a con-struction permit for a new TV on Ch. 66 for$5M from Paul Tennyson's Dove Broad-casting Co. Broker: Larry Patrick,Patrick Communications

Granite into 2nd top -10 marketW. Don Cornwell's Granite Broadcast-ing (O:GBTVK) is adding its second top -

10 market (Detroit was first) with a$173.75M buy of KOFY-TV (Ch. 20, WB)San Francisco. The seller, Pacific FM Inc.,is headed by a broadcaster whose nameis very familiar to the radio industry-JimGabbert. You may remember that heonce headed the National Association ofRadio Broadcasters, the one-time com-petitor to NAB.

Gabbert and his investors paid $9.85Mto buy this UHF way back in 1980, longbefore anyone could imagine six TV net-

for Gabbertpreviously sold off most of his radio sta-tions, although he still owns KDIA-AM in

the San Francisco market.

Granite will be seeking a waiver from theFCC to own overlapping TV signals. It al-ready owns KNTV-TV (Ch. 11, ABC), whichprimarily serves the Monterey -Salinas mar-ket, despite being licensed to San Jose inthe San Francisco market. Disney (N:DIS),of course, has an ABC O&O in San Fran-cisco, KGO-TV (Ch. 7). Broker: H.B. La RueMedia Brokers

Young dampens expectationsYoung Broadcasting (O:YBTVA) cautionedWall Street that its 03 results would come inlower than analysts had been expecting.Young said its largest station, KCAL -TV(Ch. 9, independent) Los Angeles, wouldbring in $2M -$3M less in revenues thananticipated. The company blamed the short-fall on weak conditions in the L.A. market.

Young's stock price plunged $2.25 theday of the announcement (10/1), but recov-ered all but 12.5 cents the next day.

Suit filed over BET bidA shareholder lawsuit was filed in Delawarecharging that a $48 per share bid for BETHoldings (N:BTV) by CEO RobertJohnson and Tele-Communications Inc.(O:TCOMA) is "grossly inadequate." BETshares shot up well above the bid priceafter the offer was announced (9/11). Sev-eral analysts have been quoted as saying

the company is worth as much as $60 pershare.

Meanwhile, BET appointed one of itsoutside directors to evaluate the bid-Delano Lewis, president of NationalPublic Radio.

Nielsen rival sponsors grow to 25Ogilvy & Mather, Western InternationalMedia and Zenith Media Services havejoined on as sponsors of StatisticalResearch's SMART (Systems for Measur-ing and Reporting Television), bringingthe total number of sponsors to 25- eightnetworks, four advertisers, and 13 agen-cies and buyers. The new TV ratings sys-tem is being tested in 500 Philadelphiahomes. Final results are due end of thisyear, early next.

CBS pays for newstipsHave Mel Karmazin's budget cuts gonethat deep? CBS News is offering journal-ists $1,000 for newstips that make it to anon -air story. TV newsmags continue toproliferate, and the battle for untold tales istough. Most reporters who received CBS'offer cover court or police beats, accord-ing to the New York Times. CBS execs saythey won't pay interview subjects, a viola-tion of CBS policy. Most news services barpayment of sources as unethical, but manyhire freelancers and stringers.

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Page 8: AMERICOM VOICE THE RADIO BROADCASTING INDUSTRY®€¦ · AMERICOM Over 2.5 Billion Radio Stations Sold PART IV IN .4 SERILS OF IV KQUE (AM/FM) Houston, TX WBGR (AM) Baltimore, MD

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by Jack Messmer

Mighty midget companies lead Wall St. advance

If you'd bought stock last New Year'sEve in SFX Broadcasting (O:SFXBA),you would have been a happy camperwhen the radio group was sold toCapstar for $2.1B (RBR 9/1, p. 3) andthe stock gained 149% through thefirst three quarters of this year. You'dalso have more than doubled yourinvestment if you bought Heftel(O:HBCCA) or Chancellor Media(O:AMFM), via predecessors Ever-green Media and Chancellor Broad-casting.

But the really big payoff wasn't inany of those well-known radio com-panies. The real bargain stock-wecan declare with 20-20 hindsight-was Joel Fairman's tiny Faircom Inc.(O:FXCM). The thinly -traded pennystock ended 1996 at 17 cents a share.By the end of September, it had shotup 231% to 56.2 cents. Faircom oper-ated in only one market at the begin-ning of this year, Flint, MI-Arbitronmarket #115. It recently added sta-tions in unrated Mansfield, OH and isbuying an FM in nearby Shelby, OH.

An even bigger gain (but, oh what arisk!) was available from investing insatellite DAB wannabe CD Radio(O:CDRD). The company doesn't yethave any subscribers or revenues,since it doesn't have any satellite inorbit nor any receivers in cars. Never-theless, Wall Street bid the stock up70% in one day after CD Radio bid$83M to win one of two FCC licensesfor satellite DAB (RBR 4/7, p. 3). Forthe first three quarters of this year,CD Radio's stock gained 347%.

The other satellite DAB license win-ner (at $90M) didn't fare as well.American Mobile Radio Corp. is amajority -owned subsidiary of Ameri-can Mobile Satellite Corp. (O:SKYC),which already offers telephone anddata service to moving vehicles viasatellite. Its stock slipped 16%through the first nine months of thisyear.

Radio Groups

Clear Channel

American Radio Sys.

$1,796

$1,748

Cox Radio $1,618

Jacor $1,614

Saga $1,555

Emmis

Triathlon

Alliance*

*trading since 5/7/97

Westwood One

$1,031

$1,458

Satellite DAB

Networks

Metro Networks $1,193 111

810/13/97 RBR

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Stocks good, radio stocks betterIf you're a Wall Street investor, it's

il been hard not to look like a financialgenius this year. Interest rates and

II inflation have remained low and theeconomy has continued to grow at a

E sure and steady rate. Simply invest -ti ing in any of the unmanaged index-:' based mutual funds would have

brought double-digit gains, and thefirst digit probably wouldn't have been

E a one.Radio stocks, by and large, ran far

E ahead of the indices. Ten of the 13publicly -traded radio groups beat theDow Industrials, Standard & Poor's500 and Nasdaq Composite averages.

't Media companies (radio owners whoselarger operations are in other media)were more in line with the broadermarket. Six beat the indices and sixdidn't.

Radio network stocks have alsodone well, although there haven't beenmany to choose from since Premierewas bought out by Jacor (O:JCOR)for $185M (RBR 4/14, p. 3). WestwoodOne (O:ONE) backed off from its all-time highs during the third quarter,but was still up 91% year-to-date.Metro Networks (0:MTNT), which hadbeen down slightly at the half -waypoint, rebounded to post a 19% gainthrough three quarters.

Even in a red-hot market like theone we've enjoyed this year, it is stillpossible to lose money. Eight of the37 stocks tracked in RBR's weeklychart were in negative territorythrough the first three quarters. Onlytwo, though, were companies whoseprimary business is radio broadcast-ing-Children's Broadcasting Corp.(O:AAHS) and Alliance Broadcasting(O:RADO)-two of the smallest pub-licly -traded radio owners.

How to read RBR'sstock chart

RBR's stock chart shows what a$1,000 investment in each stock,made the last trading day of 1996,would have been worth at theclose of trading on September30, 1997. For example, if youhad invested $1,000 in SFXBroadcasting (O:SFXBA), itwould have grown to $2,487 overthe nine -month period.

Sinclair $1,553

Ackerley Group $1,537

Paxson $1,500

New York Times $1,382

Westinghouse $1,362

Tribune $1,352

Pulitzer $1,218

Jones Intercable $1,217

Disney $1,156

Gaylord $1,128

Granite

News Comm. $595

MediaCompanies

Pacific R&E $1,447

Jefferson -Pilot $1,395

Harris $1,333

Fisher $1,235

Ceridian $914

Katz Media $911

TM Century $636

DG Systems $567

Radio -relatedCompanies

Stock IndicesNasdaq Composite $1,306

S&P 500 $1,279 illDow Industrials $1,232 111

10/13/97 RBR9

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Philadelphia freedom:Standalones thrive in shadows of the supergroups

The City of Brotherly Love finds CBSand Chancellor separated by a grandtotal of two -tenths of a share. If some-body sneezes during the next ratingsperiod it could be enough to flip-flopthe rankings (CBS currently is enjoy-ing life at the top of the heap).

CBS's superduopoly was the re-sult of its two major mergers, firstwith Group W and then with Infinity.

The Chancellor entry was formed ina much more roundabout fashion, in-cluding stations which, back in 1992,belonged to several groups -Pyramid,Malrite, Tak, EZ Comm. and Unity; anumber of these stations went to inter-mediate owners before winding up inthe Chancellor stable.

Greater Media takes the third spot,helped by the addition of stationswhich it received in a trade with CBS.If you are looking for WFLN-FM, whichis in the running for the most -traded -station -in -America honors, it is inthe Greater Media group with newcalls-WXXM. Its Classical format hasfinally been abandoned in favor ofModern AC.

Beasley, which made a deal to helpbuild Chancellor's superduop, turnedaround and used its money from thatdeal to return to the duop ranks withpioneer FM -Talker WWDB-FM.

Rounding out the ownership rosterare three relatively strong local own-ers and Radio One, which is thenation's leading specialist in African -American programming revenue -wise.

Like many places in the East, Phila-delphia is seeing fairly rapid growthin its Hispanic population, which nownumbers over 150,000 people 12+.Alfredo Alonso's Mega Media joinedBeasley's WTEL-AM in addressing thissegment of the population when itbought WURD-AM from Bishop Willislast year. The big Hispanic broadcast

groups may want to take a good lookhere as they plot their expansionstrategies.

RBR observation: Although manymarkets suffered following the sta-tion -building frenzy unleashed byDocket 80-90, Philadelphia was notone of them. Its ratio of stations topopulation is one of the most favor-able of any large market. It is therefore

by Dave Seyler

an ideal place to run a standaloneoperation -there is more than enoughroom on the dial for niche formats topeacefully coexist with thesuperduops.

Nonetheless, we are only surprisedwhen opportunities to buy or sell intoconsolidation are not taken, so we willbe very surprised indeed if its turnsout that dealing in Philly is complete.

Owner ScorecardCompany

Group W

Greater Media

Tak

Infinity

WEAZ

CBS

Pyramid

Beasley

Malrite

Unity

EZ Comm

Panache

Spectacor

Marlin WFLN-FM

Greater Med PA WKSZ-FM

Stations Sp92

KYW/WMMR

WPEN/WMGK

WUSL-FM

WYSP-FM

WEAZ AF

WOGL AF

WYXR-FM

WTEUWXTU

WEGX-FM

WDAS AF

WIOQ-FM

WWDB-FM

WIP

12.1

10.7

6.9

6.5

6.4

6.2

5.1

4.9

4.6

4.4

4.3

3.9

2.8

2.4

2.1

Company

**CBS

**Chancellor

**Greater Media

*Beasley

WEAZ

Radio One

Grtr Med PA

KBT

**.superduopoly *.duopoly

Market StatsArb rank12+ pop% Black

Hispanic

5

4,073,10018.53.8

1997 Revenue Estimates:

Radio 217.2M

TV 536.5M

Newspaper* 569.7M*Philadel hia In uirer

Local Duopoly Dimensions

Radio stations 26

% superduopoly 57.7

% consolidated 76.9

Stations Sp97 Reach

KYW/WOGUWPHT/WYSPANIP 22.3 56.2

WDAS AF/WIOQNVJJZ/WUSUWYXR 22.1 42.2

WMGK/WMMR/WPENANXXM 15.5 35.2

VVTEUWWDB/VVXTU 9.2 20.6

WBEB 6.0 15.1

WPHI 3.9 11.1

WPLY 2.7 12.2

WHAT 1.6 2.6

RBR/ Scarborough Snapshot

Mktcomp

59 mktcomp

Daily newspaper 62.6 58.8

Sunday newspaper 73.2 68.4

Radio morning drive 81.3 N/A

Radio evening drive 80.0 N/A

Any radio 94.1 96.0

Any TV 98.0 96.0

Connected to cable 76.8 75.7

Online service 24.8 16.0

Home improvement (1 yr) 56.6 52.6

Bought/leased car (5 yr) 59.5 43.3

Sources: Arbitron, BIA, Competitive Media Reporting, Scarborough, Source Guide database

10 10/13/97 RBR

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- .T.7I L'i a I a 11.11

October 8 RBR Stock Index 1997

Company Mkt:Symbol10/1

Close

10/8Close

Net

Chg

Pct

Chg

10/8Vol (00) Company Mkt:Symbol

10/1

Close

10/8Close

Net

Chg

Pct

Chg

10/8Vol (00)

Ackerley A:AK 18.062 17.125 -0.937 -5.19% 79 Heftel Bcg. O:HBCCA 75.000 80.125 5.125 6.83% 296

Alliance Bcg. O:RADO 1.250 2.187 0.937 74.96% 0 Jacor O:JCOR 44.500 47.250 2.750 6.18% 6998

Am. Radio Sys. N:AFM 47.687 48.437 0.750 1.57% 845 Jeff -Pilot N:JP 81.125 85.812 4.687 5.78% 2908

AMSC O:SKYC 10.125 10.312 0.187 1.85% 151 Jones Intercable 0:JOINA 12.562 13.250 0.688 5.48% 785

CD Radio 0:CDRD 19.500 20.812 1.312 6.73% 1313 Katz Media Group A:KTZ 10.250 10.125 -0.125 -1.22% 11

Ceridian N:CEN 37.500 37.687 0.187 0.50% 2990 Metro Networks 0:MTNT 32.875 35.125 2.250 6.84% 516

Chancellor O:AMFM 51.562 52.875 1.313 2.55% 3802 New York Times N:NYT 52.875 53.687 0.812 1.54% 1284

Childrens Bcg. O:AAHS 4.062 3.937 -0.125 -3.08% 594 News Comm. O:NCOM 1.562 1.500 -0.062 -3.97% 3

Clear Channel N:CCU 64.625 64.500 -0.125 -0.19% 2991 Pacific R&E A:PXE 3.250 3.375 0.125 3.85% 12

Cox Radio N:CXR 30.312 31.625 1.313 4.33% 25 Paxson Commun. A:PXN 11.625 11.687 0.062 0.53% 1022

DG Systems O:DGIT 4.500 4.375 -0.125 -2.78% 369 Pulitzer N:PTZ 57.875 57.812 -0.063 -0.11% 140

Disney N:DIS 82.000 84.000 2.000 2.44% 14519 Saga Commun. A:SGA 24.375 24.500 0.125 0.51% 5

Emmis Bcg. 0:EMMS 47.000 47.500 0.500 1.06% 196 SFX Bcg. O:SFXBA 73.875 73.875 0.000 0.00% 6

Faircom 0:FXCM 0.562 0.593 0.031 5.52% 45 Sinclair O:SBGI 41.375 39.625 -1.750 -4.23% 2198

Fisher 0:FSCI 125.000 125.000 0.000 0.00% 1 TM Century O:TMCI 0.437 0.437 0.000 0.00% 0

Gaylord N:GET 29.625 31.437 1.812 6.12% 2714 Triathlon O:TBCOA 8.375 8.500 0.125 1.49% 80

Granite O:GBTVK 11.750 11.250 -0.500 -4.26% 317 Tribune N:TRB 54.750 54.875 0.125 0.23% 1372

Harris Corp. N:HRS 45.312 44.562 -0.750 -1.66% 2982 Westinghouse N:WX 29.062 28.000 -1.062 -3.65% 38336

Westwood One 0:WONE 32.000 34.000 2.000 6.25% 660

Citadel registers bonds

Citadel Communications is makingits financial reports public for thefirst time. Larry Wilson's companyhas filed with the SEC foi- publictrading of recent private placementsof $101M in 10.25% senior subordi-nated notes and $100M in 13.25%exchangeable preferred stock.

For the first half of this year,Citadel's net revenues rose 40.9% to$27.2M. Broadcast cash flow shot up75.6% to $7.9M.

Jacor up on rumors

Jacor Communications' (O:JCOR)stock price jumped as Barron's (10/6) picked up on rumors (RBR 9/29, p.11) that Jacor would either buy ABCRadio or he bought up by Disney(N:DIS).

RBR observation: Barron's articlewas one of the most accurate reportsyet in the general financial pressabout what's been happening in theradio industry since Telcom passed.However, their stock list of big radiogroup owners included General Elec-tric (N:GE), which hasn't owned aradio station since 1983.10/13/97 RBR

OmniAmerica Wireless, L.P.Carl E. Hirsch President & C.E.O.

Anthony S. Ocepek, Sr. V.P. & C.O.O.

has acquired an interest in

Kline Iron & Steel Co., Inc.J.C. Kline, President

We are proud to have served as brokersand investment advisors in this transaction

PATRICK COMMiNICATION5410-740-0250

11

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VIII ffs .1 r A .r.mr.11111 I I I r.lilI 1 13iIVIU I I 111:11 17 en I I Illk'131I M I vaiiii17L-_mc_11 A I

Citadel strings together extra-superduopoly in Pennsylvania

The Telcom Act limits an owner to amaximum of eight stations in a singlemarket, but sometimes it is possibleto end up with a lot more than eightin a single Arbitron market, so longas no more than the allowed numberof signal contours overlap at a singlepoint.

The latest example of asuperduopoly that's really super-dooper is the combination of signalsbeing assembled by Citadel Commu-nications in the mountainous Wilkes-Barre/Scranton market. LarryWilson's Citadel already owns twoAMs and three FMs in the market(WAZL-AM, WARM -AM, WZMT-FM,WMGS-FM & WBHT-FM), and alsoLMAs a fourth FM (WKQV). Citadel,

which entered Arbitron market #62via its $1 17M buy of the Tele-Mediagroup (RBR 4/7, p. 18), is adding twomore AMs and three more FMs-allwithout running afoul of the TelcomAct's local limits, since no more thanthe maximum overlap at any point.

The first two new pieces of thepuzzle are WEMR-AM & FMTunkhannock, PA, which Citadel isbuying from Jeff Laird's EndlessMountains Broadcasting for$815,000. An LMA of the combo be-gan last month.

Also being added are WCDL-AM &WSGD-FM Carbondale, PA andWSGB-FM Dallas, PA. All three arebeing purchased from RonaldSwanson's Swanson Holdings for

Brian W. Brady, President of

Northwest Broadcasting, Inc.has completed the acquisition of

WICZ-TV Binghamton, New YorkKTVZ-TV Bend, Oregon and

Stainless Tower

for

$16,300,000

StarMediaGroup, Inc.

"Radio's Full ServiceFinancial Specialists" TM

5080 Spectrum Drive, Suite 609 East Dallas, TX 75248 (972) 458-9300

by Jack Messmer

$6M. An LMA began Oei. 2. Broker:(for Swanson sale) Jack Satterfield.Satterfield & Perry

Citadel goes public: See relutecistory, page 11.

Henry's Atlantic Citybet pays off $9.1M

Regina Henry is joining her hus-band, Ragan, on the radio industry'ssidelines. Mrs. Henry's Vinrah of NewJersey Inc. is selling WCMC-AM &WZXL-FM Wildwood-Atlantic City, NJto Gary Fisher's and Steve Gormley'sEquity Communications L.P. The priceis $7.1M for assets, plus $2M for anon -compete agreement. The buy willgive Equity Communications aduopoly with WAYV-FM. Broker:David Cherhoniak, National Broad-cast Finance Co.

Making more MAJAC

Marc and Jack Steenbarger are get-ting back into station ownership, afterselling their Flint, MI stations to Con-noisseur Communications for $18M(RBR 6/23, p. 13). The Steenbargers'MAJAC of Michigan (hmmm, perhapsa slight name change might be in order)is paying $6M for three stations in theBinghamton, NY market-WENE-AM& WMRV-FM Endicott, NY and WMXW-FM Vestal, NY. The seller is Ed RogoffEnterprise Media Partners.

MAJAC is also expanding theduopoly to a superduopoly. It'll pay$675,000 for KG Broadcasting'sWKGB-FM, just across the state linein Susquehanna, PA. Broker: (for bothBinghamton deals) Richard Sharpe,Blackburn & Co.

Omaha price tag revealed:$5.475M

We now know the price tag for JournalBroadcast Group's purchase of KBBX-AM & KESY-FM Omaha (RBR 9/15, p.

12 10/13/97 RBR

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Despite selling all of its TV properties three years ago, Nationwide Communica-tions was believed by many in the radio industry to be a "never sell" radio groupowner. That view was proved wrong last week (10/8), when the group's parentcompany, Nationwide Mutual Insurance Company, put the entire radio group upfor sale.

"We were a non -core business. It was time for them to actualize theirinvestment," said Steve Berger, who's been president of Nationwide Commu-nications since 1989 and headed the radio group since 1979.

There's no time -table for completing the radio sale and Berger says employ-ees shouldn't be nervous. "You're only the best people. If you do a good job, allshould be well."

Don't look for any piecemeal sell-off. "We will only sell it as a group," Bergerinsisted.

Since Telcom passed last year, Berger had focused on buying and trading todevelop multi -station operations in top -20 markets. Many of those recentacquisitions are still relatively undeveloped properties-part of a long-termgrowth strategy that's now been derailed.

Here's a market -by -market look at the Natiowide stations-the nation's 16thlargest group-being marketed by broker Gary Stevens of Gary Stevens & Co.

Market, 1996 Revenues Phoenix, #18Arbitron rank ($000,000) KZZP-FM/Hot AC $4.5

Stations/Format KGLQ-FM/Oldies $4.0

Dallas, #7 Baltimore, #19KDMX-FM/Hot AC $7.0 WPOC-FM/Country $10.5KEGL-FM/AOR $8.3

Cleveland, #22Houston, #9 WGAR-FM/Country $8.2

KHMZ-FM/Hot AC $12.5 WMJI-FM/Oldies $9.5KTBZ-FM/Modern Rock $6.0 WMMS-FM/AOR $5.2

San Diego, #14KXGL-FM/Oldies $3.0 Columbus, OH, #32

KMCG-FM/Urban Oldies $1.3 WFII-AM/Talk $0.3WCOL-FM/Country $8.0

Minneapolis, #16 WNCI-FM/Hot AC $9.0KSGS-AM/Urban Oldies $0.2

KMJZ-FM/New AC $2.0 Total 1996 revenues $99.5

Source BIA, RBR Source Guide database

27). Journal will pay $5.475M to JohnBiddinger's BCR Corporation. Theaddition of the combo will take Jour-nal to two AMs and four FMs in Arbitronmarket. #72. Broker: Kalil & Co.

Cumulus picks up $2M option

Cumulus Media is wasting no timecompleting its new five -stationsuperduopoly In Columbus, GAArbitron market #166. Cumulus willpay Arthur and Margaret Angell$1.4M all of the stock of MinorityRadio Associates Inc., licensee of

WAGH-FM. Arthur Angell will also re-ceive $654,000 in three paymentsunder a non -compete agreement.

WAGH is already LMA'd by M&MPartners, from whom Cumulus is buy-ing WM LF-AM , WPNX-AM, WVRK-FM& WGSY-FM for $12.75M (RBR 9/15,p. 23).

Cumulus Media LLC is headed byRichard Weening and Lew DickeyJr. Its operating subsidiary, Cumu-lus Broadcasling Inc.. is headed byWilliam Bungeroth and RichardBonick Jr. (Broker: Don Sailors. Sail-ors & Associates

Nationwide on the auction block CLOSED!

WWCK-AWFM, WOAP-AM and WAHV-FM,Owosso, Michigan fromMajac of Michigan, Inc.,Marc Steenbarger, President,to ConnoisseurCommunications, Jeffrey D.Warshaw, President, for$18,000,000.

Randall E. Jefferyinitiated the transaction.

RANDALL E. JEFFERYRANDALL E. JEFFERY, JR.

407.295-2572

ELLIOT B. EVERS415.391-4877

GEORGE I. OTWELL513.769-4477

BRIAN E. COBBCHARLES E. GIDDENS

703.827-2727

RADIO and TELEVISIONBROKERAGE APPRAISALS

kVMEDIA VENTURE

PARTNERSWASHINGTON, 1)C

ORLANDO CINCINNATISAN FRANCISCO

10/13/97 RBR

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Competing Media

Dodge on tower -buying binge

Now that Steve Dodge has completed the bidding for American RadioSystems (N :AFM)-if you've been traveling, ARS' radio group went to CBS(N:WX) for $2.6B (RBR 9/22, special insert)-he can get back to acquisitionsfor ARS' American Tower Systems (ATS) spin-off. Two deals announced lastweek (10/6) will add considerable bulk to ATS.

In the first transaction, ATS will pay up to $105M to acquire all of the stockof OPM-USA Inc. The exact payout is contingent on the number of newtowers completed and their operating cash flow (known as "run rate" in thetower biz). OPM has 54 towers operating and another 36 due to beconstructed by the end of this year-all in Florida and other Southeasternstates. ATS is also committed to funding the development of about 190 moreOPM towers over the next 12-16 months.

Also, ATS is paying $12.3M to buy six towers from Tucson Communica-tions Company. All six sticks are at the Tucson Mountain antenna farm, asite whose users include six of Tucson's FMs.

All in all, ATS owns, manages or has deals pending to acquire 921 towersites and rooftop transmitter sites nationwide.

OmniAmerica teams up with tower builder

Carl Hirsch's and Anthony Ocepek's OmniAmerica Wireless, which re-cently launched with $100M in backing from Hicks, Muse, Tate & Furst(RBR 9/15, p. 22), is buying a one-third interest in Kline Iron & Steel Co.,whose Kline Towers division is one of the nation's largest tower buildingcompanies. The firm's other divisions are Kline Structural, which fabricatesand erects structural steel for buildings, and Kline Coatings, which applieshigh-performance coatings to structural steel. Jerry Kline will continue toserve as CEO.

Hirsch says OmniAmerica is building a vertically -integrated company,which will not only own and manage transmitter sites, but build towers aswell. Broker: Larry Patrick, Patrick Communications

RBR observation: Looks like Carl and Tony are going to need hardhats!

Cox venture adds towers

Cox Enterprise's TeleCom Towers LLC joint -venture has bought VistaTelecom Limited, a tower operator based in Las Vegas. The acquisitionbrings TeleCom Towers' site count to 2,300.

RBR's deal digestPat Costa's Costa Eagle Radio Ven-tures is creating a regional AM triple -playwith a $405,000 buy of Curt Gowdy'sWCCM-AM Lawrence, MA. Broker:Satterfield & Perry... Clear Channel(N:CCU) is spinning its excess TampaAM, WMTX, to Bruce Maduri's GenesisCommunications. Broker: MarkJorgenson, Jorgenson Broadcast Bro-kerage... Root Communications, headedby Jim Devis, is adding Emerald Coast'sWWAV as its second Ft. Walton Beach, FLFM... Jeff Shapiro's & Bill Goddard'sDynacom Radio Group is buying WVAY-FM Wilmington, VT from Rothschild Broad-casting. Broker: Robert Maccini &Stephan Sloan, Media ServicesGroup... Zimmer Broadcasting is adding

14

to its Marion -Carbondale, ILsuperduopoly with a $675,000 deal tobuy WUEZ-FM from Brandt Broadcast-ing, headed by Clyde Crawford. Bro-ker: Bill Lytle, Media Services Group

INCREASEROI

NOW!SABO media

Talk Radio Experts212.808.3005

Print war in the Plains

Newspaper wars are rare enough thesedays, since most markets have eitherone monopoly paper or two in a gov-ernment -sanctioned joint -operatingagreement. Strange as it seems, how-ever, a full-blown newspaper war isnow under way in Sidney, Nebraska-population 6,000.

What's this mean to KS ID -AM & FMVP/GM David Young, whose family -owned combo is the county's (pop.10,000) sole radio outlet? "What we'retelling our clients is that it makes radiolook pretty good in terms of efficiency."

Sidney's third (no, that's not a typo)newspaper, the Sidney Daily Sun, hitthe streets last month (9/19). The five -morning -a -week paper is competingwith the thrice -weekly Sidney Tele-graphand the weekly Panhandle Town& Country.

The print media battle had beenbuilding since early 1996, when a dis-gruntled former Telegraph employeelaunched the competing weekly. Butthe plot thickened six months laterwhen the 126 -year -old Telegraph wassold to out-of-towners (in Scottsbluff,100 miles away), who cut the paperfrom five issues per week to three andtransferred the actual printing to theirdaily newspaper's plant in Scottsbluff.That miffed a local factory owner, who'salso a former mayor, enough that hebuilt his own printing plant to launchthe Sun.

As things stand now, residents ofSidney have plenty to read (assuminganyone has the time)-nine issues ofthree local papers each week. Adver-tisers face the daunting task of figuringout which issue will attract the mostreaders. Of course, some may justthrow up their hands and move theirprint dollars to radio or the local cablesystem.

Young says he may lose a littlebusiness for the first couple of weeks,since the Sun is blanketing the townwith free newspapers delivered to ev-ery home, but notes, "we're not chang-ing the way we do business." KSID hasalso picked up one new account be-cause of the newspaper war-the Sunis a sponsor on the station's Universityof Nebraska football broadcasts.

10/13/97 RBR

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Transaction Digestcontinued from page 16

al). $300K downpayment, balance in cashat closing. Note: This station is currentlyoperating with greatly reduced power un-der special temporary authority, but has aCP to build a new transmitter site. Broker:Broadcast Media Partners

$1,350,000-* KTIX-AM & KWHT-FMPendleton OR from Agpal Broadcasting Inc.(Andrew & Cheryl Harle) to KSRV Inc. (DavidN. Capps). $15K escrow, $1.2M (less es-crow) in cash at closing, $150K under non -compete agreement. Double duopoly withKUMA-AM & FM Pendleton OR.

$850,000-* KIST -AM Santa Barbarafrom Engles Enterprises Inc. (Steven B.Engles) to Citicasters Co. (RandyMichaels), a subsidiary of Jacor Communi-cations (O:JCOR). $100K escrow, balancein cash at closing. Superduopoly withKAHS-AM, KQSB-AM, KTYD-FM & KSBL-FM. LMA since Sept. 1. Broker: JorgensonBroadcast Brokerage

$815,000-* WEMR-AM & FM WilkesBarre -Scranton (Tunkhannock PA) fromEndless Mountains Broadcasting Inc. (JeffLaird) to Citadel License Inc., a subsidiaryof Citadel Communications (Larry Wilsonet al). $50K escrow, balance in cash atclosing. Superduopoly with WAZL-AM,WARM -AM, WZMT-FM, WMGS-FM &WBHT-FM, plus LMA of WKQV-FM. Note:No more than four signals overlap at anypoint. LMA since Sept. 11.

$600,000-* WMSH-AM & FM SturgisMI from Forum Communications Inc. (Rob-ert Brink) to Lake Cities Broadcasting Corp.(Thomas R. Andrews, William H. Kerner Jr.and others). Cash. Duopoly with WTHD-FM La Grange IN.

$400,000-KWXI-AM & KWXE-FMGlenwood AR from Caddo BroadcastingCo. (Tom & Polly Nichols) to PGR Commu-nications Inc. (Phil& Grace Robken). $15Kescrow, $340K (less escrow) in cash atclosing, $60K note. Broker: MGMT Ser-vices Inc.

$300,000-WPEP-AM Providence(Taunton MA) from from Silver City Broad-casters Inc. (David Gay) to Willow FarmInc. (Keating Willcox). $30K escrow, bal-ance in cash at closing.

$260,000-* WNEG-AM Toccoa GAfrom Stephens County Broadcasting Co.Inc. (Roy E. Gaines) to Lee Street Proper-ties (Roy L. White, R. Elliott Caudell). $5Kescrow, balance in cash at closing.Duopoly with WLET-AM Toccoa GA. Bro-Ler: Toccoa Realty Inc.

$250,000-* KANS/KGTR Larned KSfrom C&C Consulting Inc. (Edward Lipson)to Goodstar Broadcasting of Kansas L.L.C.(Alan Goodman), a subsidiary of 62nd StreetHolding L.L.C. (Bain Capital). $25K escrow,balance in cash at closing. Duopoly withKWLS/KGLS Pratt KS. Broker: Media Ser-vices Group

$225,000-KCST-AM & FM FlorenceOR, 60% stock sale of Coast BroadcastingInc. from Elizabeth Farmer, Personal Rep-resentative of the Estate of Charles Farmer,to Jon Thompson (100% after closing). Cash.

$200,000-WBYW-FM Grand Rapidsfrom Grand Rapids Public BroadcastingCorp. (Al Lane, pres.) to Cornerstone Bap-tist Educational Ministries (Rev. Don Denyeset al). $25K escrow, balance in cash atclosing.

$190,000-* KKYY-FM Gunnison COfrom Rocky Mountain Radio Company LLC(Clifton H. Gardiner) to Gunnison Broad-casting Co. LLC (J. Stephen & Kathleen E.Glasmann). $5K escrow, balance in cash atclosing. Duopoly with KUBC-AM & KKXK-FM Montrose CO. LMA since Aug. 1.

HAMMETT & EDISON, INC.CONSULTING ENGINEERSRADIO AND TELEVISION

Serving the broadcast industry since 1952 ...

Box 280068 San Francisco 94128

HE707/996-5200202/396-5200

[email protected]

Director of Sales

Grow with a winner! Radio Business Re-port, Inc. is continuing to grow and pros-per - and so can you. Radio BusinessReport has an immediate opening for Di-rector of Sales. We have six publicationproducts with more being planned - reapthe rewards with this expansive growth.Fax your resume and any info to Ken Lee,Associate Publisher !CO 703-719-9509.Strictly confidential.

Sales folks needed

As we grow opportunities arise. RadioBusiness Report, Inc. has immediateopenings for Account Executives for ourfamily of products: Weekly, Monthlies &Annuals. Get back to having fun and stillmake great money. Fax your resume andany info to Ken Lee, Associate Publisher@ 703-719-9509. Strictly confidential.

ClosedWGIG / WYNRBrunswick, Georgia

$2.25 million

JorgensonBroadcast OW Brokerage

Mark Jorgenson Peter Mieuli(813) 926-9260 (408) 996-0496

Tampa San JoseKnowledgeable Confidential

FOR SALECLASS C FM CORPUS CHRISTI AREA $750,000

NF&ANorman Fischer & Associates, Inc.

Media Brokerage Appraisals Management Consultants2201 N. Lamar, Ste. 204 Austin, Texas 78705 (512) 476-9457

www.2i.com/nf&a/email: [email protected]

HOLT MEDIAAPPRAISALS

Providers of Asset Appraisals, Fair Market Value

Appraisals, Expert Testimony, and ConfidentialBrokerage Services to over two thousand clientssince 1967. Customized reports, reasonable fees,prompt turnaround and assured on -time projectdelivery to meet specific clients needs.

610-264-4040>l 111 -

PATRICK

COMMANICA11ON5

Debt & Equity Placement

Fair Market andAsset Appraisals

Station Brokerage

Expert Witness Testimony

Lakry Patrick Susan PatrickPrestdeni Exec. Vice President

Terry GreenwoodVI, e Prestdent

410-740-025010/13/97 RBR

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