Nassau To Acquire Sconnix Stations in New Hampshire
Princeton, NJ -- Nassau Broadcasting Holdings, Inc. (“Nassau”) has entered into a definitive agreement to acquire the assets of three more radio stations in New Hampshire from WLNH Radio, Inc., an affiliate of Sconnix Broadcasting Co., LLC (“Sconnix’). This follows by one week the announcement of Nassau’s intention to acquire three FM radio stations from Tele-Media Company of New Hampshire, L.L.C. (“Tele-Media”). Both transactions are subject to the consent of the Federal Communications Commission (“FCC”). Specific terms were not disclosed.
The radio stations to be acquired from Sconnix are WLNH-FM and WEMJ licensed to Laconia, and WBHG-FM licensed to Meredith, both New Hampshire. The populations in the service contours of the six stations total 1,575,000 persons. The transactions are expected to close routinely in spring 2004. Glenn Serafin of Serafin Bros., Inc., a media brokerage and financial services company, represented Nassau in both transactions.
The sale of the New Hampshire properties marks the last of the Sconnix stations to be sold in a series of divestitures stretching back to 1993. Purchased in 1975, WLNH was among the first Sconnix stations to be acquired and preceded the company’s move into major markets, where it is was best known. At one time Sconnix owned and operated radio stations in Boston, Miami-Ft. Lauderdale, Baltimore, Tampa, Kansas City and Indianapolis. Its most recent sale occurred in December 2000 when its Quad Cities cluster was sold for $85 Million. Sconnix principals Randy Odeneal and Scott McQueen own no other radio stations.
Just last month Nassau announced it would acquire (subject to FCC consent) nine FM and two AM stations serving Portland and other areas of southern coastal Maine. In addition, on New Year’s Eve it closed its $16 million acquisition of WOJZ, a Class “B1” FM station in Egg Harbor City NJ that serves the southern Jersey Shore.
Nassau, a privately held firm based in Princeton, New Jersey owned and managed by chairman Louis F. Mercatanti, Jr., is a leading radio broadcasting company that owns, operates and acquires radio stations primarily in the mid-sized affluent suburban markets of the northeastern United States. Post-closings, Nassau will own and/or operate 32 radio stations in suburban New York, Philadelphia, eastern Pennsylvania, Maine and New Hampshire.
“The combination of the Sconnix and Tele-Media radio stations will give us a tremendous base of operations in southern New Hampshire,” said Mr. Mercatanti. “We will build on the good will and success of both clusters as we grow our company into New England.”
Excluding the 17 stations to be acquired, Nassau’s radio stations in the suburbs of Philadelphia, central New Jersey, Allentown PA, Wilkes-Barre/Scranton PA and Atlantic County NJ reach in excess of 1.2 million listeners weekly.
Serafin Bros., Inc., a Florida corporation, provides brokerage, finance and valuation services to select clients in the radio and television industries nationwide. Glenn M. Serafin, a 30-year veteran of the broadcast industry, formed Serafin Bros. in 1993.