Posted by The Skip on April 03, 2010 at 23:29:48:
In Reply to: NextMedia puts WWYW and WZSR in trust for sale posted by jigga what on April 02, 2010 at 16:08:34:
A true demonstration of Fail.
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Grandfather booted again in radio Chapter 11 story
2010-04-02 12:05:00 by RBR
Three stations in two markets are headed into a trust, all because of a Chapter 11 filing rather than an old-fashioned two-party sale of an intact cluster. This time the group parking the stations is NextMedia.
When the FCC changed the method for defining a station cluster from counting stations with overlapping contours to counting stations considered to be part of an Arbitron radio market, cluster that were suddenly over the limit were grandfathered. They are required to be brought into compliance with the market-based definition when the licensee changes hands unless they are sold to an eligible entity.
Two of the NextMedia stations are in the Chicago market. They are WZSR-FM Woodstock IL and WWYW-FM Dundee IL. The other station is WSSM-FM Havelock NC, part of the Greenville-New Bern-Jacksonville NC market.
Tending to the care and feeding of the trio of stations will be Media Venture Partners broker Elliot Evers, operating as The Mile Station Trust LLC as Trustee.
The protected portfolio of NextMedia includes two AMs and five FMs in each market.
Remaining in Chicago: WERV-FM Aurora IL, WRXQ-FM Coal City IL, WCCQ-FM Crest Hill IL, WJOL-AM/WSSR-FM Joliet IL and WKRS-AM/WXLC-FM Waukegan IL.
Remaining in Greenville-New Bern-Jacksonville: WQXL-FM Belhaven NC, WANG-AM Havelock NC, WQSL-FM/WXQR-FM Jacksonville NC, WRNS AM-FM Kinston NC and WERO-FM Washington NC.