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- Owning a radio station can be an exciting new business or hobby. However, you will need to perform thorough research before buying one. Radio stations are not the good investment they once were, so you should closely study the station’s financial statements, audience data, and employee salaries.
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Learn which radio is best for you at John Lewis, including information on stations, digital technology and smart speakers.
Learn how to buy a radio station and strategies to effectively determine the value of a radio station before you make the purchase. Get started today!
- Overview
- Finding Stations for Sale
- Appraising a Station
- Purchasing the Station
- Obtaining FCC Approval
Owning a radio station can be an exciting new business or hobby. However, you will need to perform thorough research before buying one. Radio stations are not the good investment they once were, so you should closely study the station’s financial statements, audience data, and employee salaries. Hire a media broker to find available stations and se...
A media broker can help you discover which properties are for sale. If you don’t use a broker, then you’ll have to rely on word of mouth or other research which could be time consuming.
You can find media brokers by searching online.
You might also search for a media broker at the National Association of Media Brokers website. They have a directory you can search here:
Brokers have extensive databases which they have built up over years of experience. Because their networks are so extensive, they are your best chance of finding a station.
Before hiring the broker, ask how much they charge. Get quotes from several media brokers and compare.
People in media might know what stations are for sale. Ask around and check whether they know of any properties on the market. Talk to radio personnel and even people who work in print or broadcast journalism.
You need an FCC attorney to help you obtain a license. Consider hiring one early in the process, so that the attorney can negotiate on your behalf and draft the purchase agreement.
You can find a qualified attorney in the following places:
Ask station owners who they used as an attorney. You know you’ll get an experienced FCC attorney that way.
Contact your local or state bar association. Ask for a referral to an FCC or communications attorney. Many communications attorneys are located in Washington, D.C. However, there should still be others located around the country.
Sellers want to see that a potential buyer has financing before they will begin negotiations. Line up your financing before you reach out to the seller. For example, if you intend to buy the station with a loan, then have the bank write a letter stating you have qualified.
Make sure to obtain a loan through a bank that has made loans for broadcasting before. You can’t secure the loan with your FCC license, which some banks might not understand. Instead, you can secure the loan with equipment or with shares of your corporation or limited liability company (if your business is buying the station).
Settle on a price to offer.
Radio ownership might be exciting, but profits have been plunging across the industry. Discuss your offering price with your attorney, accountant, and media broker. Often, buyers offer some amount that is a multiple of the station’s cash flow.
Realize that some experts recommend buying a stand-alone AM radio only at a sizeable discount, since these stations have suffered financially in recent years.
By contrast, you might want to offer more for an FM station, since their profits have held up better.
Discuss the tax consequences with an accountant.
Typically, you can buy a radio station using one of two methods: purchasing the station’s assets or purchasing the station’s stock. Each sale could have different tax consequences, depending on the circumstances. You should discuss tax implications with an accountant.
Avoid exercising control of the station.
The FCC repeatedly cautions potential buyers not to exercise control of the radio station before the sale has been completed. For this reason, you should not have employees at the station on a daily basis. However, you can work around this rule in the following ways:
You and the seller can sign a consulting agreement, where the seller agrees to hire you as a consultant. The seller pays you some money to make the agreement official.
You buy all of the station’s broadcasting time under a Time Brokerage Agreement. You must file this agreement with the FCC.
You must submit a long form application to the FCC and seek their approval for the transfer. You may also have to file other forms, depending on your circumstances. You will file electronically.
After filing, you must wait 30 days for people to object during the public notice period.
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Since there is no need for streaming, as is the case with internet radio, there are no additional costs. DAB+ is neither a broadcasting nor a streaming service. On the contrary, Digital Audio Broadcasting offers an infinite number of radio programmes to choose from.
