Nassau Completes Deal With Pamal
Princeton, NJ -- Nassau Broadcasting Partners, L.P. (“Nassau”) announced today it has closed the sale of its radio station WXPK-FM in Briarcliff Manor NY to an affiliate of Pamal Broadcasting Ltd. (“Pamal”) for $18,400,000 in a cash transaction.
Glenn M. Serafin of Serafin Bros, Inc., a Tampa, Florida-based media brokerage and financial services company, advised Nassau in the sale.
Serving the Westchester NY market, WXPK is a Class “A” radio station broadcasting an Adult Alternative format at 107.1 mHz on the dial. Nassau acquired the station in 2003 from Big City Radio along with its sister stations WWZY in Long Branch NJ, WLIR in Hampton Bays NY and WWYY in Belvidere NJ, all at 107.1 mHz on the dial. Nassau retained WWYY and sold the remaining three.
“This completes the planned resale of three Big City stations for us,” said Louis F. Mercatanti, Jr., Nassau’s President and Chief Executive Officer. “We are very pleased that the station is now in the very capable hands of Pamal Chairman Jim Morrell. We wish him all the best.”
Based in Latham NY, Pamal Broadcasting Ltd. owns more than two dozen radio stations in New York, Vermont, Massachusetts and Florida, including a radio station cluster in Albany NY.
A privately held firm in Princeton NJ, Nassau Broadcasting Partners owns, operates or has agreements to acquire 50 radio stations in New Jersey, Pennsylvania, Maryland, Vermont, New Hampshire and Maine. Pro forma for pending transactions, Nassau is the 28th largest broadcaster in terms of revenues and the 15th largest broadcaster in terms of the number of radio stations in the United States. The Company’s web site is www.nassaubroadcasting.com.