From the MCRFB news archives: 1985
Price Communications Buys Josephson’s Detroit Combo
DETROIT — Leading Detroit adult contemporary combo WNIC AM-FM went through a rather sudden change of hands this past Wednesday, June 5, when New York-based Price Communications bought the outlet from Josephson Communications for roughly $19 million.
Explaining the reasons for letting the high-billing outlets go, Josephson’s Ed Christian refers to the firm’s “life’s cycle philosophy.” “We bought the station eight years ago for $3,000,000,” he says. “Now we can take that 19,000,000 and buy three new stations for six million and have a million to spare.”
Looking to build Josephson’s network, Christian says the firm will be looking at “less mature radio properties in smaller markets” and possibly a few TV stations. When the FCC approves the WNIC sale, Josephson will still be the proud parent of WMGF Milwaukee, WSNY/WVKO Columbus, WNOR AM-FM Norfolk and WZKC Rochester.
“It was a very quiet transaction because the station was not officially on the sales block,” noted Christian, who adds that the deal was strictly a “win-win” situation.
The latter statement is confirmed by Price Communications head Bob Price. Josephson’s corporate programming vice president Steve Goldstein says he intends to continue handling WNIC programming through a transition period of two to three months, after which he will return to Josephson full-time in order to “go after some new stations.”
As for the future of WNIC, it appears the business will go on as usual after the sale is completed. “The atmosphere around here is pretty optimistic, ” says Goldstein, while Price claims there are no plans to alter the successful AC outlet out of Detroit. END.
(Information and news source: Billboard; Jun 15, 1985).
