Nassau to Divest Pennsylvania Stations
Princeton, NJ -- Nassau Broadcasting Partners, L.P. (“Nassau”) announced today it has entered into a comprehensive agreement with Access.1 Communications and its affiliates (“Access.1”), to sell seven AM and FM radio stations serving the Allentown-Bethlehem-Easton and the Wilkes-Barre/Scranton PA radio markets, subject to the consent of the Federal Communications Commission (FCC). The Wilkes-Barre/Scranton and Allentown-Bethlehem-Easton markets are, respectively, the 68th and 69th largest radio markets in the United States.
The stations being acquired by Access.1 in the Allentown market are WWYY-FM licensed to Belvidere NJ; WEEX-AM and WODE-FM licensed to Easton PA; and WTKZ-AM licensed to Allentown PA. The stations in the Wilkes-Barre/Scranton PA market are WVPO-AM and WSBG-FM licensed to Stroudsburg PA; and WPLY-AM licensed to Mount Pocono PA.
“Allentown and Stroudsburg are unique markets,” said Lou Mercatanti, Nassau’s Chairman and President. “Our stations there represent some of Nassau’s earliest investments in radio. While it is difficult for us to let them go, we are very pleased that these seven stations will be in the hands of the team at Access.1, who are outstanding broadcasters committed, as we have been, to providing great, local radio service.”
Nassau Broadcasting Partners, L.P. is a privately held firm in Princeton, New Jersey. Pro forma for the sale of the subject stations and all other pending transactions, Nassau will own and/or operate 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 is www.nassaubroadcasting.com.
Access.1, the buyer, is a privately owned, New York City-based company who’s Chairman and President, respectively, are industry veterans Sydney Small and Chesley Maddox-Dorsey. Effective with the purchase of the Nassau stations, Access.1 will own 29 broadcast stations in New York, New Jersey, Pennsylvania, Texas and Louisiana, including a radio station cluster and a television station in Atlantic City NJ, and radio station WWRL in New York City. Access.1 also owns SuperRadio, a general market syndication company which distributes 40 radio programs through over 1400 affiliate agreements with more than 725 radio stations. Of these 725 stations, approximately 150 are located in the top 50 markets nationwide. The shows are broadcasted to an estimated 100 million people throughout the United States.
Access.1 also has a 49% ownership interest in American Urban Radio Networks (AURN), the only radio network designed to market to African-American audiences exclusively, distributing news and information programming to approximately 450 affiliates through over 300 weekly shows. AURN reaches more African- American consumers than any other media source, an estimated 25 million weekly, according to the company.
Glenn Serafin of Serafin Bros., Inc., a Tampa, Florida-based media brokerage and financial services company, represented Nassau exclusively in the transaction.