10-16-2012
Yesterday's announcement that Cumulus will be purchasing another station in New York City adds to the already busy year for transactions in radio's number one market. Many of the deals are helping the big companies fill format voids or defend against a competitor.
A price for WFME was not announced in the Tuesday press release, however speculation has it around the $40 million mark. We'll find out the actual number when the paperwork is filed at the FCC. The Cumulus purchase from Harold Camping's was the 4th big deal in New York City so far this year.
- It was nine days ago that CBS announced it was purchasing WRXP from Merlin for $75 million.
- In August WOR-AM was sold to Clear Channel for $30 million.
- In April ESPN picked up an FM frequency from Jeff Smulyan. Emmis will receive $8.4 million from Disney for the first year of the LMA. That will rise 3.5 percent each year until the agreement runs out on August 31, 2024.
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