Thursday, October 27, 2005 owners?...format?


Well, did anyone see this coming?

Charles River Broadcasting Puts Its Stations Up For Sale
(From Radio & Records)

Charles River Broadcasting Puts Its Stations Up For Sale

R&R has confirmed that Charles River Broadcasting's board of directors yesterday made the decision to put the company's five stations — Classical WCRB/Boston; News WCNX and Classical WCRI in Providence; and Classical WFCC and Classic Rock WKPE in Cape Cod, MA — up for sale. Media Venture Partners' Tom McKinley and George Reed have been hired to solicit bids for the five stations.

Herb McCord, who is a CRB board member, says some or all of the stations may be sold, and it's unlikely a single buyer will take all five properties. McCord also did not rule out the possibility that Charles River Broadcasting would opt not to sell WCRB or its other stations.

"This is not by any means a fait accompli," he tells R&R. "We have a sense of what the value of our stations is, based on the appraisal we received. WCRB is profitable, and there is no external cause for the decision to sell. We just have a fiduciary responsibility to the owners. There is no time frame, and no outside force driving this."

With the decision, McCord will be overseeing the stations, spending two days a week in Boston. CRB CEO Bill Campbell has been placed on medical leave.

While CRB has decided not to force WCRB's new owner to keep the station's Classical format, the company has decided to require the station's next owner to place a Classical format on its secondary HD channel. However, Boston has two other choices for Classical music on the FM dial: Harvard University-owned noncom WHRB and acclaimed NPR affiliate WGBH.

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