Friday, February 20, 2009

Nova M(ess), Part IV - Dude, where's my station?

After we all felt a bit Nova'ed out, there is another wrench thrown into the works. Now that Nova M Radio is kaput, and replaced by a new, seemingly Drobny-less entity, On Second Thought, LLC, there could be a major problem brewing. Namely, the loss of its flagship station.

Tom Taylor of noted a major factor not mentioned previously. Namely, the now-defunct Nova M Radio's $2.25 million deal to buy Phoenix AM KNUV (1190).

The deal was struck last October when times were good. Money was coming in, Randi Rhodes was happy, Mike Malloy was as reliable as ever, and they had 40 or so stations carrying their programming. At the time, Nova M struck a pretty good local marketing agreement (LMA) for KNUV, pending an outright purchase.

But now Nova M is no more. Owner Sheldon Drobny is in the hospital and the LMA-to-buy for the Phoenix station will end soon. Anita and Sheldon Drobny were about to sign the final asset purchase agreement for the purchase of KNUV from New Radio Venture. But now the station, which broadcasts at 5kw days and 250 watts at night, is back on the market. Also on the selling block is KNUV’s sister station in Denver, KNRV (1150).

The loss of KNUV could be a major blow. After all, some of the network's shows can only be heard via that station or via On Second Thought's webstream.


JB said...

they fired their ceo john manzo back in september. without manzo the whole thing crumbled. these drobny's are BAD news.

Jill said...

You kind of have to wonder how things went so far south at NovaM so fast. They aren't reported as having any investments with Bernie Madoff.

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