Newspaper article The Florida Times Union

SFX to Purchase Six Area Stations

Newspaper article The Florida Times Union

SFX to Purchase Six Area Stations

Article excerpt

The wild and wacky world of radio ownership got a little more

complicated yesterday as SFX Broadcasting Inc. -- which is about

to close on its purchase of four Jacksonville radio stations --

announced a deal to buy two more.

SFX said it will acquire WAPE-FM 95.1 and WFYV-FM 104.5 from

Dallas-based Chancellor Broadcasting Co. by swapping four

stations in Long Island, N.Y., that SFX just acquired. SFX will

also receive $11 million in cash.

Chancellor doesn't even own the two Jacksonville stations yet.

It reached an agreement in May to buy eight Florida radio

stations from Los Angeles-based OmniAmerica Group, including

WAPE and WFYV.

SFX expects to close next week on its purchase of four

Jacksonville stations from Prism Radio Partners: WPDQAM 600,

WOKV-AM 690, WKQL-FM 96.9 and WIVY-FM 102.9.

When the smoke clears, SFX will end up with six Jacksonville

radio stations, making it the largest player in the constantly

changing local radio market.

"You probably need a scorecard to keep track of the players,"

said Mark Schwartz, general manager of WAPE and WFYV.

The latest deal will leave Jacksonville with four major

companies dominating the radio market: New York-based SFX;

Cincinnati-based Jacor Communications, which owns

five stations; West Palm Beach-based Paxson Communications,

which owns four stations and manages a fifth; and Renda

Broadcasting, which owns two.

The consolidation of the Jacksonville market is part of a

nationwide trend of mergers in the radio industry following the

enactment of a sweeping federal telecommunications bill in

February that expanded the number of stations one company can

own.

"This sort of thing is going on all over the country," said Les

Samuels, vice president and general manager of the Jacor

stations in Jacksonville.

The six SFX stations will account for about 50 percent of the

radio revenues in the Jacksonville markets, said Schwartz and

Dave Josserand, general manager of the four Prism stations that

SFX is buying. …

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