  Rumored selling price for WWIQ Philadelphia – circa $19 million, cash. Buyer Educational Media Foundation prefers purchase terms like one-third down, and the rest in a seller note. But the Merlin Media backers wanted cash on the barrelhead, and they’re getting it. From the internal email sent yesterday by Ezio Torres – “At the end of April last year, WWIQ made its first on-air presence in Philadelphia. Nearly 16 months later, I have the uncomfortable and poignant task of letting the staff, our clients and advertisers and our listeners know that Merlin Media has accepted an offer from EMF to purchase the station and the 106.9 signal. Over the next few months...daily operations will continue as usual until the final closing between the two companies." Though NOW is hearing there might indeed be an LMA. Back to the Torres note - "I appreciate everyone involved in the station and wish EMF the very best success in launching their new format in Philadelphia.” That new format will almost certainly be EMF’s non-commercial “K-Love” network, which currently airs in market #8 on an underpowered Class A (1900 watts at just 200 feet). That's WKVP, Cherry Hill NJ at 89.5. Even that peashooter pulls a 0.7 share with age 6+ AQH in the latest Arbitrons. EMF has no doubt done the calculations to figure just what it could make in listener donations from a a much bigger full-market Class B signal. Broker on the deal between Merlin and EMF – Michael Bergner. |
