Disney buys WEVD for 78M
By PAUL D. COLFORD
Sep 8 2002 6:22AM GMT
NEW YORK, NY (New York Daily News) -- A long chapter in New York's broadcasting history ended yesterday when The Forward Association said it would exit the radio business and sell WEVD (1050 AM) to Disney for $78 million.
WEVD, whose call letters represented the initials of Eugene V. Debs, was founded in 1927 as a memorial to the Socialist leader by a group that included members of The Forward Association.
The nonprofit association said proceeds from the sale would serve as an endowment, ensuring that the Forward, the Jewish weekly newspaper, and its Russian and original Yiddish editions, can carry on regardless of the advertising market.
Disney had an option to buy WEVD since it began paying to put ESPN sports on the station last year, replacing a talk lineup featuring Bill Mazer and former Mayor Ed Koch.
"Certainly it's bittersweet to sell WEVD, because it meant a great deal in this city in decades gone by," said Samuel Norich, CEO of the association. "But it's been many years since it was 'The Station That Speaks Your Language' and offered the 'University of the Air' and was the political voice of a more ideological Forward Association in mid-century."
The association previously was paid $32.5 million by the Spanish Broadcasting System to move WEVD from 97.9 FM to 1050 AM - part of a complex shuffle in 1988 that also bumped all-sports WFAN from 1050 AM to its current 660 AM.
Norich said one-third of the earlier payout went to taxes "and the remainder was largely eaten away over the past decade in launching and supporting the English-language Forward."
Its circulation is 25,000, according to the Independent Press Association.
Norich added: "We still want to grow the paper and that's expensive, capital-intensive work. We want to be assured that we can carry the marketing costs."
Forward editor J.J. Goldberg said the WEVD sale "makes me sleep better, knowing that we can pay the bills and maintain the editorial staff."
By PAUL D. COLFORD
Sep 8 2002 6:22AM GMT
NEW YORK, NY (New York Daily News) -- A long chapter in New York's broadcasting history ended yesterday when The Forward Association said it would exit the radio business and sell WEVD (1050 AM) to Disney for $78 million.
WEVD, whose call letters represented the initials of Eugene V. Debs, was founded in 1927 as a memorial to the Socialist leader by a group that included members of The Forward Association.
The nonprofit association said proceeds from the sale would serve as an endowment, ensuring that the Forward, the Jewish weekly newspaper, and its Russian and original Yiddish editions, can carry on regardless of the advertising market.
Disney had an option to buy WEVD since it began paying to put ESPN sports on the station last year, replacing a talk lineup featuring Bill Mazer and former Mayor Ed Koch.
"Certainly it's bittersweet to sell WEVD, because it meant a great deal in this city in decades gone by," said Samuel Norich, CEO of the association. "But it's been many years since it was 'The Station That Speaks Your Language' and offered the 'University of the Air' and was the political voice of a more ideological Forward Association in mid-century."
The association previously was paid $32.5 million by the Spanish Broadcasting System to move WEVD from 97.9 FM to 1050 AM - part of a complex shuffle in 1988 that also bumped all-sports WFAN from 1050 AM to its current 660 AM.
Norich said one-third of the earlier payout went to taxes "and the remainder was largely eaten away over the past decade in launching and supporting the English-language Forward."
Its circulation is 25,000, according to the Independent Press Association.
Norich added: "We still want to grow the paper and that's expensive, capital-intensive work. We want to be assured that we can carry the marketing costs."
Forward editor J.J. Goldberg said the WEVD sale "makes me sleep better, knowing that we can pay the bills and maintain the editorial staff."