Thursday, December 15, 2005
Greater Media takes the prize....
From Radio and Records:
Greater Media On Track To Buy WCRB/Boston
Greater Media and Charles River Broadcasting have entered into exclusive negotiations in regard to the sale of Classical WCRB. Charles River previously announced that it wishes to sell its properties, and the two parties hope to have a deal to transfer WCRB to Greater Media by Feb. 1, 2006. Closing would occur sometime in Q1 2006.
"This acquisition would give Greater Media's Boston cluster a significant signal upgrade, which will be critical as we expand our investment in HD and multicasting," said Greater Media President/CEO Peter Smyth. "We are grateful for this opportunity."
Charles River Chairman Mary Marshall added, "CRB is delighted at the prospect of entering into an agreement with Greater Media, a Boston-based company. We are confident that their respect for listeners, strong Boston ties and excellent management team would ensure a smooth and successful transition."
WCRB is tied for the No. 10 spot, 12+, in the just-released fall 2005 Phase Two Arbitrends for Boston. While it is not known if Greater Media would retain the station's Classical format or relocate it to another one of its FM properties, Charles River has stated that the Classical format would be required to be placed on one of WCRB's HD multicast channels. WCRB has aired Classical programming since 1950.
Here's more from the Press release:
GREATER MEDIA TO ENTER INTO EXCLUSIVE NEGOTIATIONS TO ACQUIRE BOSTON RADIO STATION WCRB FROM CHARLES RIVER BROADCASTING
Background from the Globe:
Classical station WCRB to be sold
Deal may fetch $90m; new format possible
And...background from the Herald:
Sale signals classical music’s swan song
Had enough....? ;-)