Capitol Broadcasting acquires seven radio stations in deals worth nearly $13M
Posted July 16, 2008 11:58 a.m. EDT
Updated July 16, 2008 8:51 p.m. EDT
Raleigh, N.C. — Capitol Broadcasting is expanding its media reach in Wilmington and in the Rocky Mount area with the acquisitions of seven radio stations in deals worth nearly $13 million.
Capitol, which already operates WILM Channel 10 TV in Wilmington, purchased six stations in Wilmington for $12 million. They are owned by NextMedia, which is based in Denver. FCC approval is still required for the deal to close.
The stations are:
- WKXB (FM) 99.9
- WILT (FM) 104.5
- WAZO (FM) 107.5
- WSFM (FM) 98.3
- WLGD (FM) 98.7
- WMFD (AM) 630
One station will have to be sold in order to meet Federal Communications Commission limits on ownership, Capitol’s Chief Executive Officer, Jim Goodmon, said in a note distributed to CBC employees.
“Wilmington is a fast-growing market,” Goodmon added. “Our television station WILM Channel 10 is doing well and we want to expand our presence there. I met with the radio staff in Wilmington [Monday]. They are a great group that has built some outstanding radio stations.”
The other station is WNCM-FM, currently based in Garysburg.. The station is being moved to Sharpsburg, which is between Rocky Mount and Wilson, Goodmon said. The station is owned by former Triangle radio personality Tom Joyner and Joyner Radio. Capitol is paying $850,000 for WNCM.
Capitol Broadcasting operates WRAL-TV in Raleigh as well as WRAZ-TV, Fox 50, in Durham; WRAL-FM and 99.9 The Fan in Raleigh, and two TV stations in Charlotte.