WEBS Signs-Off Following Foreclosure

[Y2kTheNewOldies]

https://radioinsight.com/headlines/179763/webs-signs-off-following-foreclosure/

The management and ownership of WEBS Radio, Incorporated regretfully announce that, after more than 50 years on the air in Calhoun, broadcast services from both AM-1030 & 103.5 FM, will be suspended at 6PM Sunday evening. According to General Manager Ken Payne, "Due to circumstances beyond our control services to our community will come to an end on Sunday." Mr. Payne went on to say thank you to our many friends and loyal listeners for their support since he acquired WEBS in 1980. Payne continued, "I want to say a very special thank you to the wonderful staff that has worked with us for 39 years. Thanks also going out to the sponsors and loyal listeners. Payne says, "It has been a pleasure, honor and privilege to have served the public for these many years. We hope we have been able to come into your homes, automobiles, and businesses by radio with programming that was entertaining and informative. Thank you again for being a part of WEBS 1030AM and Kickin' 103.5-FM."

The station will go off the air on Sunday.

 

[knoxbob]

Has the station been on the market to see if anyone else could make a go of it? You would think selling it would be better than just turning it off. Unless it is sitting on valuable real estate that is worth more than the station.

 

[DavidEduardo]

Has the station been on the market to see if anyone else could make a go of it? You would think selling it would be better than just turning it off. Unless it is sitting on valuable real estate that is worth more than the station.

A foreclosure means that the owner was in too deep with his bank and could not hold out to find a buyer. And if the station was not paying its debts, that sounds like it was not making enough money to service the debt... meaning that any buyer would go into a small market looking at a turn-around.

It's a daytimer with a translator and in the shadow of the Atlanta market.

Likely lots of shoppers went towards Atlanta to shop, or they went out to the Walmart on Belmont. Radio advertisers in those little markets (Calhoun is well under 20,000 population) have lost a lot business to the Internet and big boxes, and those larger guys don't buy much local radio.

Thinning of the herd.

 

[ftballfan]

A foreclosure means that the owner was in too deep with his bank and could not hold out to find a buyer. And if the station was not paying its debts, that sounds like it was not making enough money to service the debt... meaning that any buyer would go into a small market looking at a turn-around.

It's a daytimer with a translator and in the shadow of the Atlanta market.

Likely lots of shoppers went towards Atlanta to shop, or they went out to the Walmart on Belmont. Radio advertisers in those little markets (Calhoun is well under 20,000 population) have lost a lot business to the Internet and big boxes, and those larger guys don't buy much local radio.

Thinning of the herd.

Calhoun is about halfway between Atlanta and Chattanooga. I wonder if the bank will try to sell it or just turn in the license

 

[seattlesarchiebunker]

Calhoun is about halfway between Atlanta and Chattanooga. I wonder if the bank will try to sell it or just turn in the license

They will absolutely try to make a go of it and sell. When a bank takes over a business, they are attempting to find a seller in most cases. They want to recover as much of the loan as they can that went into default.

They may get lucky and make a sizable profit off the properties if the loan had been significantly paid down. Otherwise, it is quite possible they are taking a haircut by running/selling the station.

The main question I have is if the property for the AM and/or the studio locations are included in the foreclosure. If so, I’m sure someone will pick it up after awhile. Turn-key small market operations still have older folks who are interested in them strictly to “play radio”.

If not, I wouldn’t be surprised if the AM turns in its license...the translator license gets sold to someone and probably makes up the bulk of the value on the property.