The sale price is in for Beasley Media Group’s deal to offload 98.7 The Shark (WPBB) to Educational Media Foundation. Notably, the figure comes in close to what the broadcaster offered for a contested station deal in St. Louis earlier this year.
WPBB, which brings EMF’s K-LOVE brand into the Tampa Bay market, is fetching $8 million as first reported by Radio Ink‘s sister publication Radio + Television Business Report and confirmed by a July 2 FCC filing.
The deal, announced June 30, is expected to close by the end of 2025, pending FCC approval and standard closing conditions. Upon completion, the station will flip from its current classic rock format to EMF’s national K-LOVE contemporary Christian network.
The $8 million price tag for 98.7 The Shark closely mirrors the final $8.5 million bid EMF made in May for KDHX in St. Louis. EMF had originally agreed to purchase the troubled community station for between $4.35 and $4.8 million as part of a private bankruptcy deal, but a late challenge from Gateway Creative Broadcasting forced the sale into a court-supervised auction. The bidding escalated rapidly, and Gateway ultimately secured KDHX with a winning offer of $8.75 million.
Educational Media Foundation has been on a sustained buying spree for the past several years, expanding the national reach of its K-LOVE and Air1 networks through a series of high-profile acquisitions including a $7 million deal in Nashville, a $3.1 million buy in Houston, and a massive $80 million purchase of seven Salem-Media-owned CCM stations, including major outlets in Atlanta, Cleveland, Dallas, Los Angeles, Portland, Sacramento, and Colorado Springs.
Beasley was represented in the transaction by Lerman Senter PLLC Partner Sally A. Buckman, while Wilkinson Barker Knauer LLP Attorney David D. Oxenford represented Educational Media Foundation. Michael J. Bergner served as Beasley’s broker.
Beasley originally acquired the 98.7 FM frequency in 2014 from CBS Radio as part of a multi-market swap involving six stations. The station rebranded as 98.7 The Shark in 2018.
EMF’s buying spree is no joke—another big-market grab. Curious to see how Tampa reacts to the K-LOVE flip from classic rock.
Please update the ethnic audience totals on your excellent coverage of the Nielsen Radio Ratings. They’ve been stuck at 0.1% for the past couple of months! Thank you. 1220watx.com