|
Area radio stations will have new owner
By Scott Nicholson
Aisling Broadcasting LLC, parent company of a group of six local
radio stations, including WATA, is undergoing receivership proceedings.
Superior Court Judge James L. Baker appointed George Reed, managing
director of Media Services Group, receiver for Aisling Broadcasting
two weeks ago, and radio station staff members were notified last
week.
Reed, who is responsible for finding a new owner and making a
recommendation to the court, said there should be no change in
the day-to-day operations of the stations.
Reed will oversee the stations, while Media Services Group looks
for a buyer. Jonathan Hoffman was the main shareholder of Aisling
Broadcasting, and Tom Lanier will continue to serve as the stations’
general manager, according to Reed and Hoffman.
Reed’s company is a broker that matches media groups with
potential buyers and his duty is to market the properties and
find a suitable buyer, which he will then recommend to the court,
which makes the final order.
Reed said it was difficult to predict how long the transactions
will take.
“It’s like selling any other business,” he said.
“The sale will have to be approved by the court. It will
also require FCC (Federal Communications Commission) approval,
and that usually takes three to four months.”
Hoffman said the financial lender, BB&T, that helped Aisling
buy the stations in 2004 had forced the property into court, adding
he and the Aisling group had overpaid when they purchased the
stations for nearly $6 million.
He is optimistic the stations will be successful and said the
company had made gains last year but ultimately couldn’t
generate enough money to satisfy the lender.
“There’s sort of an irony in that we turned the corner
in the last year, which is why there are going to be no changes,”
said Hoffman, who is no longer involved in the stations’
operations.
“I’m very proud of what the stations have done. I get
a lot of feedback. The stations work for advertisers.”
Hoffman said the local news coverage, live broadcasts and community
connections had kept the stations popular. The flagship station,
WATA, was founded in 1950 and was privately owned by Roland Potter
for nearly 40 years.
The group includes News/Talk (1450) WATA/Boone, Southern Gospel
(1130) WECR/Newland, AC (Mix 102.3) WECR-FM/Beech Mountain, Country
(Highway 106.1) WMMY/Jefferson, Talk (1200) WXIT/Blowing Rock,
and Classic Rock (100.7 Mac FM) WZJS/Banner Elk.
The group of stations was accumulated, swapped around and combined
over the last decade after a long period of relative stability.
WATA launched WZJS as an FM “sister station” in the
late 1980s, and Highland Communication Associates purchased WATA/WJZS
from the Roland Potter family in 1996.
Also in 1996, Rondinaro Broadcasting Inc., headed by Steve Rondinaro,
purchased WJTP and it became WECR AM. Rondinaro Broadcasting started
WECR FM later in the year and eventually added WXIT as a news
talk station. Rondinaro Broadcasting sold the stations to Aisling
and then purchased MTN, a local television station that is now
up for sale. Aisling closed deals to buy the two Highland Communications
stations at around the same time.
Reed said it would be “business as usual” for the Aisling
stations during the receivership proceedings. “The stations
will be sold and there will be no change for the audience,”
Reed said.
|
|
|
Get Firefox