CXR Trust Rejected Offers for WPYO: SBS
A trust created to divest radio licenses as part of the Terrier/Cox deal rejected repeated purchase offers from Spanish Broadcast Systems, said SBS in comments posted in FCC docket 19-98 Thursday. CXR Radio Station Trust asked for more time to…
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sell the stations (see 2111100079); the deadline is currently Dec. 17. SBS has made three offers for WPYO(FM) Maitland, Florida, but CXR, which is overseen by Houlihan Lokey broadcast broker Elliot Evers, rejected them as too low, SBS said. Evers told SBS he plans to hold the station off the market until its performance improves and its value rises, said the SBS filing. SBS’ most recent offer, made Nov. 3, was in excess of the station's value as determined by SBS’ appraiser, SBS said. The COVID-19 pandemic’s effect on station valuations isn't a sufficient reason to extend the sale deadline, said SBS. “The Media Bureau has expressly rejected the notion that a divestiture trustee may defer its required station sales while awaiting optimum market conditions,” SBS said: CXR’s request “comes at a time where few would argue that society, the economy, and even radio revenues are on the rebound from the crisis.” Evers declined to comment.