Monday, September 21, 2009

Boston's commercial-classical WCRB (99.5) is sold to cross-town WGBH

Public radio/TV operator WGBH will convert WCRB, Lowell, MA to non-commercial operation, like its own news-and-classical WGBH (89.7) – and in fact, it’s already asking for donations on its website. WGBH legitimately plays the role of preserving WCRB’s decades-old classical format, at a time when a company like Entercom might want the 99.5 frequency for sports. Seller is Nassau Broadcasting, which is being acquired by its main lender, Goldman Sachs. Nassau acquired the intellectual property of the WCRB classical format and the 99.5 frequency in a two-market swap with Greater Media several years ago. The 2009 price for WCRB is $14 million, and this new deal is brokered by Patrick Communications' Larry Patrick and Greg Guy for seller Nassau, and by Public Radio Capital for buyer WGBH. Marc Hand of Public Radio Capital managing director Marc Hand says “this is an extraordinary opportunity for WGBH to strengthen and enhance its strong commitment to classical music programming.”

Reprinted from Radio-Info.Com Monday, September 21, 2009.

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