Longport Media Buys Bankrupt Atlantic Broadcasting Atlantic City Cluster
May 5, 2011 at 3:04 PM (PT)
A bankruptcy court judge has approved the sale of ATLANTIC BROADCASTING's five-station ATLANTIC CITY-CAPE MAY cluster to LONGPORT MEDIA, headed by GEORGE MILLER. THE PRESS OF ATLANTIC CITY reports that MILLER is paying $4.2 million for the stations, with veteran PHILADELPHIA and SOUTH JERSEY radio manager ART CAMIOLO involved in the day-to-day operations.
BOARDWALK RADIO, headed by investment group NORTHWOOD VENTURES/NORTHWOOD CAPITAL PARTNERS and HENRY T. WILSON, which bid $3 million, was a "stalking horse" in the auction and is being granted $90,000 in breakup fees and up to $35,000 in expenses for its trouble.
The stations include Classic Rock WMGM (THE SHARK 103.7)/ATLANTIC CITY, Spanish Tropical WBSS-A (LA FIESTA) and Talk WOND-A/PLEASANTVILLE, Top 40/Rhythmic WWAC (WILD 102.7)/OCEAN CITY, and Oldies WTKU (KOOL 98.3)/PETERSBURG, NJ.