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STATION TURNOVER EVENS OFF Continued Multimillion Dollars Top Price in 1966 Sales Was the $9.7 Million Paid by General Electric for WSIX- AM- FM -TV

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STATION TURNOVER EVENS OFF Continued Multimillion Dollars Top Price in 1966 Sales Was the $9.7 Million Paid by General Electric for WSIX- AM- FM -TV STATION TURNOVER EVENS OFF continued Multimillion Dollars Top price in 1966 sales was the $9.7 million paid by General Electric for WSIX- AM- FM -TV. 1967. This is the assumption by those in San Francisco. And the next highest price last year was who watch this area of activity in Los Angeles saw the most stations the $9.1 million paid by Westinghouse broadcasting. changing hands -four. During the Broadcasting for KFWB. Westinghouse Another factor making for optimism year, KFWB went to WBC, KPOL -AM-FM actually had agreed to pay $10,750,000 is, according to several brokers, the rise to Capital Cities, KOLA(FM) (now for the radio station, but the long de- in the sale of daytime -only radio sta- KADS(FM)) to McLendon and KFMU lay in obtaining FCC approval resulted tions. For more than a year, it is (FM) to Storer. in a renegotiated sales price. pointed out, daytimers were not selling; The San Francisco area ranked next Also topping the list of multimillion buyers seemed loath to acquire radio in total station sales, three. There KYA dollar sales was the $8.2 million paid stations that had to go dark at sun- and KOrr(FM) went to Avco, KEWB by Capital Cities for KPOL- AM -FM. down. In recent months, however, and KsFR(FM) to Metromedia. Other major sales in 1966: more of these daytimers are being In Boston, two UHF television sta- $5.9 million for KGNC- AM -FM -TV bought. The answer, according to one tions changed hands; wets -Tv was pur- Amarillo, Tex., by Stauffer Publications. broker, is the increasing sophistication chased by Storer, and WXHR- AM -FM -TV $5,775,000 for WTEV(TV) by the of buyers -coupled, he added, with the by Kaiser Broadcasting and the Boston Steinman group. increasing willingness of bankers to fi- Globe jointly (now WKBO -TV for wxHR- $4.4 million for KYA and Korr(FM) nance such acquisitions. Tv, and requested wcAS for wxsm). by Avco. One of the more significant sur- Two FM stations changed hands in $3.75 million for KARK- AM -FM -TV prises last year, notwithstanding the so- New York market during the year; Little Rock, Ark., by John C. Mullins. called soft market, was the tremendous WRFM(FM) was bought by Bonneville $3.5 million for KcTO(TV) by WGN upward leap in prices paid for radio International, and WFME(FM) in New- Continental Broadcasting Co. stations. In total, the dollar volume for ark, N. J., by Family Stations Inc. The $3.15 million for KWOS, KCRG-TV radio stations jumped by one -third over same number of FM stations changed and KMOS -Tv, by Kansas City Southern the $56 million in 1965. In 1966, al- hands in Chicago: WFMF(FM) to a Industries Inc. though there were fewer radio stations group headed by George A. Rafel, and $3,088,650 for WEEK -TV and WEEQ- sold, the total dollar volume reached WDHF(FM) to advertising executive L. Tv by Kansas City Southern Industries $76.6 million. This is the peak volume W. Frohlick. And in Detroit, wnTN(FM) Inc. in the last 13 years, and $11 million was bought by the McLendons. $2.5 million for KREX- AM -FM -TV above the previous high of $65.5 mil- And, in 1966, John B. Walton Jr. Grand Junction, KREY -TV Montrose and lion in 1959. added two more station properties to KREZ -Tv Durango, all Colorado, by the As 1967 headed toward the close of his already existing portfolio -xcuL- XYZ Television group (headed by its first quarter, the sensitivity of brok- AM-FM Fort Worth and KELP -AM-TV James R. and William D. Williams, but ers to general economic well -being was El Paso. including former principal owner Rex evident in their hedges on the pros- The year also saw Kansas City Howell as a minority stockholder). pects for 1967. The recent cutbacks in Southern Industries become a group $2,459,000 for KEWB, by Metro- automobile production stirred their lat- owner with the purchase of WEEK -TV media. ent fears; the President's call for a 6% Peoria and WEEQ-Tv LaSalle, both Illi- $2,295,000 for KFDA -TV Amarillo, temporary "war" surtax caused them nois, and of Kwos and KCRO -Tv Jeffer- Tex.; KFDW -TV Clovis, N. M., and to qualify their general bullishness, and son City and KMOS -TV Sedalia, both KBSW(TV) Elk City, Okla. (now KFDO- the talk in the financial press of a pos- Missouri. TV Sayre, Okla.), by Perry Bass and sible economic softening has damp- Units Down Of the 409 stations his group. ened their usual optimism. None, how- that changed ownership in 1966, 367 $2,276,513 for WIHS -TV by Storer ever, has as yet directly attributed to were radio properties, 11 were TV-radio Broadcasting. these actions any major effect on sta- combinations and 31 were TV -only sta- $1,750,000 for WXHR- AM -FM -TV by tion sales. tions. Kaiser Broadcasting and the Boston Perhaps one of the most interesting These were all below the unit changes Globe jointly. facets of station sales last year was in 1965-22 less radio stations, four less $1.5 million for KCUL -AM -FM by dual -major group owners acquiring TV-radio groups, and one less in the John B. Walton Jr. new outlets in top markets and the TV -only category. $1,315,500 for WSUN -AM -TV St. multiple ownership changes in individu- But, although total dollar volume of Petersburg, Fla., by H. Y. Levinson. al cities. $135.7 million was slightly above the $1,359,360 for KLEO Wichita, During 1966, Westinghouse acquired 1965 total of 135.1 million, expenditures Kan., by W. Clark Swanson and others. KFWB Los Angeles, General Electric for the purchase or radio stations were $1,026,277 for KLOK San Jose, bought WSIX- AM -FM-TV in Nashville, at a new high level for the 13 years Calif., by M. Philip and W. Thomas the Steinman group purchased wrnv BROADCASTING has been keeping rec- Davis. (Tv) , in the New Bedford, Mass.- ords. For radio properties, a total of $1 million for WMIE Miami by Providence, R. I., area, Capital Cities $76.6 million was spent, up over 1965's Louis J. Appell Jr. and his Susquehanna purchased KPOL-AM -PM in Los Angeles. total by $20.7 million. Broadcasting group. And .Avco Broadcasting bought KYA The big slump in dollar volume took $1,060,000 for WNAM Neenah - and Korr(FM) in San Francisco, WGN place in the combination TV -radio Menasha, Wis. by Miles Kimball Co. Continental Broadcasting acquired KCTO group; last year only $28.5 million was The year 1966 also saw the highest (Tv) (now KWGN -Tv) in Denver, spent in this category; almost $21 mil- price paid yet for an FM station; this Storer bought worms -Tv in Boston (now lion less than the $49.7 million spent was the $850,000 paid by the Bonne- wsBK-Tv), a UHF station, and also in 1965. ville International group for WRFM acquired KFMU(FM) in Los Angeles Dollar volume in the TV -only group (FM). to go with its Koss there, and Metro- also moved up, by $1.2 million. In And in the next level, wFME(FM) media Inc. purchased two California 1966, $30.6 million was spent in the sold for $535,000 to Family Stations stations-KEWB Oakland and, as a TV-only class, up above 1965's total Inc., a nonprofit, California -based group Companion, KSFR(PM) across the bay of $29.4 million. of FM stations. 78 (PERSPECTIVE 1967) BROADCASTING, February 27, 1967 .
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