November 15, 2011
Davis Media LLC has entered into an asset purchase agreement to acquire the Sea-Comm cluster serving Wilmington, NC.* The stations (all in North Carolina) include:
WBNE(FM), Wrightsville Beach
WSFM(FM), Carolina Beach
WNTB(AM), Topsail Beach
WUIN(FM), Oak Island
An LMA will start immediately.
Davis Media also owns stations serving Williamsburg, VA (WBQK-FM and WTYD-FM). The seller has no remaining broadcast interests.
According to Rick Jorgensen, owner of Sea-Comm, “After 46 years in the radio business, and almost 24 years in Wilmington, I have decided it is time to sail off into the sunset.”
The buyer, Tom Davis, adds, “Davis Media is delighted about sustaining the Sea-Comm heritage in Wilmington, as well as implementing our digital/radio model, Hometown Driver, which has produced double digit growth for two years and running. With Jake Russell as our local owner-operator, we look to replicate our pilot market in Williamsburg, Virginia, and Wilmington is the perfect market to continue the expansion of our model and radio’s future as the driver of the local media company.”
George Reed of Media Services Group served as the exclusive broker in the transaction.
* Pending FCC Approval