Trade reports this morning say that the major creditor of Stop 26 Riverbend Productions has ended up with the company's five Ohio stations in a bankruptcy auction.
The radio operation side of the D.B. Zwirn Special Opportunities Fund - Bernard Radio - now gets control of WRBP/101.9 Hubbard (urban) and AMs WGFT/1330 Campbell (gospel) and WASN/1500 Youngstown (Spanish/brokered) in the Youngstown market. Bernard also picks up Stop 26's WVKO/1580 Columbus (gospel) and WVKO-FM/103.1 Johnstown (Spanish) in the Columbus market. Bernard Radio is now reportedly LMAing the stations.
The reported price - $12 million. That's about $4 million south of the amount owed to Bernard/D.B. Zwirn by Stop 26, which was run by Youngstown-area broadcast veteran and political maven Percy Squire. The fund also picked up two Dallas area AM stations not long ago.
Despite the various trade reports, last time we were in Youngstown, WGFT and WASN were not simulcasting. 1330 was pumping out the gospel, and 1500 was in Spanish. We're not sure if well traveled local talk radio host Louie Free was still doing his afternoon show in English on 1500...