Sheridan Broadcasting sells WAMO to St. Joseph Missions - Pittsburgh Business Times:

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Downtown based has sold its threew local stationsto St. Joseph Missions, whichj is expected to convert the stations toreligiou programming. WAMO operated on both the FM andAM WAMO’s FM station operated at 106.7 and consistently ranked among the top 10 in the market’d Arbitron ratings. WAMO’s AM channel operated at 860, and the compang also operated the gospelstation WPGR-AM 1510. The which according to various pressx reportsfetched $8.9 million for Sheridan, will resultt in 35 employees who worked at the stations losin g their jobs. Sheridan, which was founded by Ron Davenport Sr. and is now led by his son, Ron Davenporg Jr.
, also owns stations in othe r markets and operates the American UrbanRadiop Network, the only African-American owned radio network in the country that providez weekly programming to more than 300 affiliates. The sale of the thre e stations must receive approval from the Federa l Communications Commission tobe finalized. As a motivation for the Sheridan spokesman Russell Bynumj pointed to changes in the Arbitronbrating systems. The new Portable Peopler Meter electronic measurement system has hada “disproportionat e impact on minority-targeted formats,” Bynum said in a prepared statement.
Sheridabn attempted to sell the stations to a minority owner but expects potential buyere were unable toget financing. Radio Business Report, an industry trad e publication, expects the sale will leave a void in thePittsburggh market. “Sheridan was the only company serving the African American populationof Pittsburgh, which comprises only about 7 percengt of the market’s population,” the publication said. it leaves a huge format gap — and we expec at least one … operator in the market will step forwarf tofill it.
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