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WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Covers all of Northern Lower Michigan (from Ludington to Tawas northward), as well as the Straits Area and Soo Region.
Radio Sucks
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by Radio Sucks » Mon Dec 23, 2019 2:20 pm

At any multiple (gross revenue, cash flow or other)this is a bargain. Midwestern will make this back fast. And they only have to put up $350000 in cash. Amazing. (Rumor is the studio is staying on Hastings TBD).



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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by TC Talks » Mon Dec 23, 2019 4:19 pm

This kind of pales compared to the $14,000,000 asking price that was floated 10+ years ago, but that included the tower sites, all the signal, and revenue.


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MWmetalhead
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by MWmetalhead » Mon Dec 23, 2019 5:44 pm

I was thinking 97.5 would sell for at least $750,000 if not a cool $1 million.

I mean, the station should certainly be capable of a couple hundred grand of free cash flow annually on an unlevered basis, shouldn't it?

There has got to be more to the story.


Caroline Beasley is ruining WRIF. What a bitch!!!

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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by NMCSpeaks » Mon Dec 23, 2019 6:09 pm

The REAL news here is that Ross Biederman and Midwestern Broadcasting could not come up with a full one-third ($150,000.00) of the PURCHASE PRICE AND REQUIRED SELLER FINANCING TO BUY WKLT. Look for yourself.
I also heard that their “Radio Centre Building” mortgage with TC State Bank has been in arrears.
Townsquare Media, anyone?
It appears Ross broke the bank just to keep Mike Chires’ Black Diamond Broadcasting “at bay” and “out of town” in order to maintain the Midwestern “market leader” status quo.



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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by NMCSpeaks » Mon Dec 23, 2019 6:24 pm

Correction. $100,000.00 Seller Financing instead of $150,000.00.



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MWmetalhead
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by MWmetalhead » Mon Dec 23, 2019 6:54 pm

It appears Ross broke the bank just to keep Mike Chires’ Black Diamond Broadcasting “at bay” and “out of town” in order to maintain the Midwestern “market leader” status quo.
That doesn't explain why NBI was seemingly willing to accept what appears to be - at least on the surface - a low ball bid.

Surely, other parties would've offered more than $450k for KLT's Traverse City area stick and intellectual property if there are no unusual conditions attached to the transaction.

One possible scenario:
Chires says "I want both 97.5 & 98.9 at $____." NBI (unwisely) says, "no way! We can get more money if we split them and sell them separately." Chires then decides he's not interested or is unwilling to pay a price that NBI is unable to refuse for the pair.

Another possible scenario:
The $450k price that Radio-Insight cites is a baseline number. Perhaps there are revenue sharing provisions or other earn-out provisions that could significantly sweeten the deal for NBI.

For instance, if Biederman flips his stations (including KLT) to Townsquare for a nice gain, perhaps NBI gets a piece of those proceeds?


Caroline Beasley is ruining WRIF. What a bitch!!!

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TC Talks
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by TC Talks » Wed Dec 25, 2019 1:38 pm

I also heard that their “Radio Centre Building” mortgage with TC State Bank has been in arrears.
Um, do you have any idea about the relationship between Midwestern Broadcasting and the owners of Radio Centre?


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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by ftballfan » Wed Dec 25, 2019 2:29 pm

TC Talks wrote:
Wed Dec 25, 2019 1:38 pm
I also heard that their “Radio Centre Building” mortgage with TC State Bank has been in arrears.
Um, do you have any idea about the relationship between Midwestern Broadcasting and the owners of Radio Centre?
I'm not 100% sure, but I would imagine the Radio Centre building is owned by a REIT. Also, Traverse City State Bank is now Independent Bank



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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by Radio Sucks » Wed Dec 25, 2019 2:38 pm

Our fearless Buzzboard leader wrote:Another possible scenario:
The $450k price that Radio-Insight cites is a baseline number. Perhaps there are revenue sharing provisions or other earn-out provisions that could significantly sweeten the deal for NBI.
I don't see any provisions of that in the asset purchase agreement.

https://licensing.fcc.gov/cdbs/CDBS_Att ... &exhcnum=1

However it does seem that WKLZ has also been sold.
In application to FCC, Northern wrote:ADDITIONALLY, APPLICATIONS FOR CONSENT TO ASSIGNMENT OF THE LICENSES FOR WKLT AND WKLZ-FM ARE EXPECTED TO BE FILED EITHER CONCURRENTLY HEREWITH OR IN THE IMMEDIATE FUTURE.




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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by cckadlec » Tue Dec 31, 2019 5:40 pm

Just to throw in some extra information: 88.7 WIAA is silent.

But, some research shows this is only temporary, unlike all the other silencings.

From their website:

WIAA-88.7 FM is off the air

We are currently off the air on WIAA-88.7 while we investigate a transmission issue and do not expect the problem to be fixed for a couple more days, at the earliest. You can tune in to one of our other frequencies if you are in range of 88.5 FM or 94.7 FM. Additionally you can listen online or download our free mobile app. Thank you for your patience as we work to remedy this issue.


[ Radio and weather geeks, beware! Coastal tropo studies, the 3-hr. Seoul AM Radio Listening Guide, 6-hr. 500 Top-of-Hour IDs, and Chinese FM at www.chriskadlec.comTuner: Grundig G8 • Location: Fremont, Mich. ]

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MWmetalhead
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by MWmetalhead » Mon Feb 24, 2020 6:09 pm



Caroline Beasley is ruining WRIF. What a bitch!!!

Radio Sucks
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by Radio Sucks » Tue Feb 25, 2020 7:40 pm

MWmetalhead wrote:
Mon Feb 24, 2020 6:09 pm
I'll just leave this here...

https://www.mibuzzboard.com/phpBB3/view ... 57#p589457
Yes, we have not heaped enough praise and admiration on you, MW, for the very correct prediction.



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MWmetalhead
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by MWmetalhead » Thu Feb 27, 2020 10:07 pm

What is airing on 98.9 FM right now? Did it switch to K-Love, or is the station off the air for the moment?


Caroline Beasley is ruining WRIF. What a bitch!!!

RadioNM88
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Re: WKLT-fm, Kalkaska and WKLZ-fm, Petoskey

Post by RadioNM88 » Fri Feb 28, 2020 1:42 am

MWmetalhead wrote:
Thu Feb 27, 2020 10:07 pm
What is airing on 98.9 FM right now? Did it switch to K-Love, or is the station off the air for the moment?
MWmetalhead wrote:
Thu Feb 27, 2020 10:07 pm
What is airing on 98.9 FM right now? Did it switch to K-Love, or is the station off the air for the moment?
It is currently silent as of Feb 28, 2020. Haven't heard anything of when it is coming back as K-Love. Lots of NM Radio changes the last couple of weeks though mainly due to Northern Radio.



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