Nassau Completes Acquisition of Cape Cod Radio Stations
Princeton, NJ -- Nassau Broadcasting Partners, L.P. (“Nassau”) announced today it has completed its acquisition of three FM radio stations licensed to communities on Cape Cod, Massachusetts in a transaction with The Cape Cod Radio Stations Trust (the “Trust”) and Qantum Communications Corporation (“Qantum”).
The stations acquired by Nassau are WPXC-FM, a Class “A” facility at 102.9 MHz on the dial licensed to Hyannis; WTWV-FM, a Class “A” facility at 101.1 MHz licensed to Mashpee; and WDVT-FM, a Class “A” facility at 93.5 MHz licensed to Harwich Port.
The Trust was created as part of Qantum’s acquisition of four radio stations from Boch Broadcasting in July 2005 in order to independently operate the subject radio stations pending a sale to a third party to comply with The Federal Communications Commission’s ownership regulations. Qantum, based in Stamford, Connecticut, is led by industry veteran Frank Osborn and owns 31 radio stations in the U.S.
“Cape Cod is a wonderful place to be a radio broadcaster,” said Lou Mercatanti, Nassau’s Chairman and President. “We look forward to producing great local radio for this vibrant community. We are very happy to be here and these new stations are great additions to our now substantial New England platform.” Nassau’s new stations will be led by recently hired industry veteran Jake Demmin.
Nassau paid $10 million cash for the stations. Glenn Serafin of Serafin Bros., Inc., a Tampa, Florida-based media brokerage and financial services company, advised Nassau in the transaction. The Trust and Qantum were represented by Doug Ferber of Star Media Group, a Texas brokerage firm.
Nassau Broadcasting Partners, L.P. is a privately held firm in Princeton, New Jersey. Pro forma for all pending transactions, Nassau owns and/or operates 49 radio stations in New Jersey, Pennsylvania, Maryland, Vermont, New Hampshire, Massachusetts and Maine. It is the 15th largest broadcaster in the United States in terms of the number of radio stations it owns. The Company's web site iswww.nassaubroadcasting.com.