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
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.