By Phil Kabler
CHARLESTON, W.Va. -- With the Federal Communications Commission giving final approval last week to the sale of Fantasia Broadcasting stations, long owned by late former Delegate Nick Fantasia, to Spectrum Radio LCC of Fairmont, the state of West Virginia is now in the commercial radio business.
With a $285,000 investment in Spectrum, the West Virginia Jobs Investment Trust owns about a nearly one-quarter share of the new radio network, which operates WMMN and WTCS-AM and WRLF-FM in Fairmont, and WZST-FM in Westover.
While one generally thinks of WV-JIT investing in manufacturing enterprises and high-tech operations, Michelle O'Connor said the West Virginia Capital Access program allows the fund to invest in small business ventures such as Spectrum.
"The company that is coming in and buying Fantasia radio is coming in with some very good people, and is going to work on improving the stations," she said.
Fantasia, Now Spectrum Radio- Your taxes at work
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genlock
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Fantasia, Now Spectrum Radio- Your taxes at work
"Everyone Should be aware that you're just a screen grab away from infamy."
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klever1
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Re: Fantasia, Now Spectrum Radio- Your taxes at work
Keep track of all the jobs created here
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bobhaldeman
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Re: Fantasia, Now Spectrum Radio- Your taxes at work
While I am amused by the future $3 USFL verdict John Raese might eventually win, the sheer existence of this deal to buy the Fantasia stations will be one of the most important parts of the discovery process in the WVRC suit. More insider stuff like this will be far more embarrassing than any tantrums by the extended Greer families. Sadly, IMG didn't need Bray Cary or Drew Payne to win this contract.
As in, the LLC that was formed to buy these stations came into existence before the first RFP for the WVU Tier III rights was public. If the plan all along was to wrest the MSN product from Raese, there had to be a place to clear the games that at least marginally put signal into Morgantown. There was no one else but the FM stick in Westover.
So, who tipped whom to buy these stations and used state money to do it? Further, based on the finance structure of the deal, the WVJIT appears to own far more than the 20% limit allowed for a creditor under FCC rules.
Of course, nothing inappropriate is likely the case when taxpayer funds are used to buy an underperforming station group owned by a former Democrat Mayor with ties to far more powerful electeds.
As in, the LLC that was formed to buy these stations came into existence before the first RFP for the WVU Tier III rights was public. If the plan all along was to wrest the MSN product from Raese, there had to be a place to clear the games that at least marginally put signal into Morgantown. There was no one else but the FM stick in Westover.
So, who tipped whom to buy these stations and used state money to do it? Further, based on the finance structure of the deal, the WVJIT appears to own far more than the 20% limit allowed for a creditor under FCC rules.
Of course, nothing inappropriate is likely the case when taxpayer funds are used to buy an underperforming station group owned by a former Democrat Mayor with ties to far more powerful electeds.
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klever1
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Re: Fantasia, Now Spectrum Radio- Your taxes at work
Mr Watergate, I believe your scent of political taint is correct, but misguided toward the Raese-IMG fiasco.
The WVJIT involvement definitely has political fingerprints all over it, but is more a case of Mr. Fantasia's urgency to dump his over leveraged company to satisfy creditors, rather than game rights for WVU in Morgantown. The local broadcast of the game is not where WVRC's sweet spot was. I understand Mr Fantasia's new career is in Economic Development. I am sure he is praying the New Owner refinance before JIT realizes they are never going to see a dime return.
The WVJIT involvement definitely has political fingerprints all over it, but is more a case of Mr. Fantasia's urgency to dump his over leveraged company to satisfy creditors, rather than game rights for WVU in Morgantown. The local broadcast of the game is not where WVRC's sweet spot was. I understand Mr Fantasia's new career is in Economic Development. I am sure he is praying the New Owner refinance before JIT realizes they are never going to see a dime return.