Two years after CBS Radio announced a $50 million sale of its West Palm Beach cluster to Dean Goodman’s Palm Beach Broadcasting, the final piece of the transaction has fallen into place. Goodman has struck a deal to spin-off the last of two FMs for sale to Good Karma Broadcasting, which is buying urban AC “B-106.3” WUUB.
No price tag has been announced but it’s believed WUUB sold for roughly $7 million. Combined with the $13 million sale of another of the five CBS stations — the former smooth AC WMSF to Lincoln Financial Media — it brings the total price tag on what Goodman paid for the CBS cluster down to about $30 million.
Goodman declined to discuss numbers, but he did say he’s not done growing his company. “I’m in the market for both radio and TV,” he said. His GoodRadio.TV currently owns 27 radio stations. Goodman says he’s most interested in expanding in smaller cities. “We’ve found the small markets did better through the recession,” he explains.
For the past seven years Good Karma Broadcasting has operated in the West Palm Beach market with a sports standalone. But thanks to a deal with Dean Goodman’s Palm Beach Broadcasting, “ESPN 760” WEFL is getting an FM sister. Under a local marketing agreement, WEFL has begun simulcasting the station until a deal to buy WUUB (106.3) closes.
General manager Steve Politziner says it not only expands the station’s coverage, but helps ensure the format’s long-term survival chances for the standalone. “This give us a better chance to serve you and in turn makes us more viable over the long-haul — this securitizes our position,” he told listeners yesterday as the station announced the changes. Politziner also encouraged listeners to get used to tuning into the FM dial position. “We are considering a lot of things down the road for ESPN 760 — but for the time being, until further notice, you’ll be able to hear us on both,” he told listeners.
As for WMSF, the FCC is still considering an application allowing Lincoln Financial to relocate it to Miramar, FL in the Miami-Ft. Lauderdale market. LFM has already relaunched the station as “The Ticket 104.3” WAXY-FM.