If you need proof that there is a gold rush in FM translators consider the pending auction of W248CG FM 97.5, Jersey City, NJ. Industry speculation puts the value north of $5,000,000. The most paid for an FM translator to date is $3.5 million for W292DV – 106.3 FM broadcasting from the heart of Manhattan sold for $3,500,000 in December 2014.
Manhattan is also the target coverage area for W248CG FM 97.5:
The transmitter is licensed to broadcast at 110-watts from the 101 Hudson Building, until recently the tallest building in New Jersey. According to the online auction company [link], the 97.5 signal covers more than four million potential listeners in Manhattan, Brooklyn and several suburban counties west of the Hudson River.
"THE LAST NYC OPPORTUNITY"
Promotion from the auction company says 97.5 is “the last opportunity for a substantial new commercial or noncommercial FM translator in the New York market…a unique opportunity to add an important voice by enhancing an HD2, HD3 or HD4 signal from any New York FM station, or to repeat any of a number of NYC market AM stations.”
A [link] is provided listing the NYC commercial, noncommercial, AM and FM stations that can be repeated on 97.5. According to local reports, 97.5 began repeating WFUV on October 14, 2015.
Chuck Singleton, GM of WFUV commented: “We don't own it, Ken. We authorized the owner, Ted Schober, to simulcast FUV for the short term.”
Bidding on 97.5 will open on November 30, 2015 and last for two weeks. Buyers must pay an additional 4% the auction company. The FCC must also approve the sale.
THE GOLD RUSH WINNERS: TED & CAROL SCHOBER
Ted Schober is a consulting engineer with little broadcasting experience. According to his bio [link], most of his previous work has been with the military and local governments.
Schober applied for the translator in 2014 and the FCC granted it in October 2015.
UNUSUAL CONTRACT CAVEAT
I love to read fine-print contractual caveats and this one has a doozy. The lease agreement with the owner of the 101 Hudson Building requires the translator to decrease power or suspend operations if people will be entering the penthouse roof and might venture within 2 meters of the W248CG antenna.
|101 Hudson Building Penthouse|