WMEX-AM sells for $165,000

The temporary Boston home of Howie Carr and the station that turned down Rush Limbaugh four times has just been sold. The station was previously owned by Microsoft’s Paul Allen and was bought for around $10 million.

Out in California, Disney agreed to sell its Oakland California station for $600k. They bought the station in the 1990s for $6.25 million. AM radio stations are a worse investment than rare gold coins.

If Rush Limbo dropped market exclusivity, I wonder how many affiliates he would have. AM radio would become as much a monoculture as the sub 92 MHz FM band in the morning having 6 stations carrying Morning Edition

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2 Responses to WMEX-AM sells for $165,000

  1. briand75 says:

    Wow. Talk about pennies on the dollar. Ten million to one hundred sixty-five thousand? Ouch.

    • Art Stone says:

      It’s a little bit ambiguous since they bought two stations at the same time for $23 million. The other station is in New Jersey and reaches the NY Metro area, but is currently doing all Russian programming. The owner of the stations is a Russian immigrant (or his brother – it gets confusing). They tried to put together a deal to unload the 2 stations for $20 million, but the deal fell through. My sense is the people involved are a bit sketchy as is the source of the money.

      Today is the last day for Rush on WRKO – I wonder if he’ll actually show up on WMEX after all so iHeart/Clear Channel doesn’t have to “blow up” their mexican music station to flip to news/talk

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