Charles River Broadcasting Hires Media Services Group to Sell New England Properties
October 27, 2005
The Board of Directors of Charles River Broadcasting Company, Inc. (_CRB_) announces that it has hired George R. Reed and R. Thomas McKinley of Media Services Group to explore the sale of some or all of their radio and tower properties in Boston, Cape Cod and Rhode Island. CRB owns WCRB in Boston, WFCC and WKPE on Cape Cod, WCRI and WCNX in Rhode Island, along with the World Classical Network and various real estate holdings.
The Board has appointed one of its Directors, Herbert W. McCord, to act as the Managing Director to coordinate the sale process.
CRB began airing classical music under the leadership of Ted Jones in 1950. Since that time, CRB has become one of the premier classical radio stations in the United States. CRB has grown to include radio stations on Cape Cod and Rhode Island as well as tower and network broadcasting companies.
The Chairman of the Board, Mary L. Marshall, explained that it has become increasingly difficult to operate a small group of radio stations in light of general industry consolidation. She stated that the Board recognizes the importance of classical music to Boston audiences. However, several local stations currently broadcast classical music, including WHRB 95.3 and WGBH at 89.7. Classical music is also available on XM and Sirius satellite radio and the internet.
Finally, in the event of a sale of WCRB, the Board intends to require the purchaser to maintain classical music programming on one of the station_s HD broadcast channels. This will ensure the continued, full-time, broadcast of classical music.