It is an owner of radio and TV stations based on Maryland’s Eastern Shore, and it is ready to grow. That’s thanks to a transaction that sees Michael J. Bergner serve as the seller’s broker of record, with Lynn Deppen signing off on the divestment agreement.
Draper Media, headquartered in Salisbury, Maryland, has entered into a purchase agreement to acquire five radio stations from the Deppen-helmed Forever Media.
According to the asset purchase agreement, submitted with the FCC for its OK on Tuesday, the deal was finalized on June 3. And, Draper is paying $11 million for the properties. A 10% earnest money deposit has been made to Forever.
The acquisition will give Draper ownership of big heritage Adult-targeted Top 40 WSTW-FM 93.7 in Wilmington, Del., which has a signal reaching much of the Philadelphia market. News/Talk sibling WDEL-AM 1150 in Wilmington and WDEL-FM 101.7 in Canton, N.J., with a Class A signal covering Southern New Jersey and much of Central Delaware, is also being sold by Forever to Draper.
Additionally, Draper is purchasing from Forever a large Country station — Class B WXCY-FM in Havre de Grace, Md., which covers northern Delaware; Class B1 Adult Contemporary WCEI-FM 96.7 in Easton, Md., with a signal stretching from suburban Baltimore and Annapolis to central Delaware; and WINX-FM, a Class A at 94.3 MHz in St. Michaels, Md., on Chesapeake Bay. It pays homage to Top 40 WINX-AM in Rockville, Md., where many industry veterans first cut their teeth some 50 years ago.
“We’re excited to add these stations, each with a long history of serving their local communities, to our company,” said Molly Draper Russell, CEO of Draper Holdings Business Trust, parent company of Draper Media. “Our family’s history of service through free over-the-air broadcasting goes back nearly 60 years. The addition of these stations fits perfectly into our late founder, my father, Thomas H. Draper’s motto that it is our moral obligation to serve our audience and advertising partners.”
Deppen added, “We are proud of the legacy these stations have built in their communities and grateful to our dedicated teams who have served listeners with passion and professionalism. We are confident that Draper Media shares our commitment to local broadcasting and will continue to provide outstanding service to audiences and advertisers alike as these stations enter an exciting new chapter.”
Once the transaction closes, Draper Media will add the properties to a collection of radio stations comprised of Eastern Shore FMs WBOC-FM, WRDE-FM, WTDK-FM, WGBG-FM, WZBH-FM and WAAI-FM.
Draper also owns and operates WBOC-TV, WRDE-TV, “FOX21,” and Telemundo Delmarva in addition to The DSN Sports Network.
The transaction is expected to close in the third quarter of 2025, subject to FCC regulatory approval. Cooley LLP’s Jason Rademacher served as Draper’s legal counsel in this deal.