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| Public Radio Capital Update
October 2010 |
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Greetings!
Public Radio Capital (PRC) was incubated at the Station Resource Group (SRG) and founded as a national nonprofit 10 years ago. Since then, we have completed transactions for public media valued at $251 million and worked with over 200 public media organizations in 46 states. As we begin a new decade, we invite you to read about exciting recent developments in a new public media initiative, the growth of the Public Radio Fund, and our clients' successes, including reaching younger audiences, increasing news and information, and purchasing a commercial station. We are thrilled to be working with clients, funders and communities who share our commitment to vibrant public media - media that connects local concerns and aspirations with strong broadcast signals, engaging websites and dynamic social/mobile media platforms.  Sincerely, Marc Hand and Susan Harmon |
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PRC Receives Major Grant from Wyncote
A $500,000 grant from the Wyncote Foundation will support the development of a new initiative, the Public Media Company. PMC will deliver multi-sourced content to new and younger audiences through collaboration with a variety of public media organizations. PMC 's focus will be to build capacity for bringing new services into select markets nationwide.
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| LA>Forward Launches
LA>FWD is the signature product of Los Angeles Public Media and Radio Bilingüe with major funding from the Corporation for Public Broadcasting. Launched on September 16, 2010, LA>FWD promises young multi-ethnic Angelinos public media that is authentic and focuses on their lives, their community and their diverse metropolis. PRC has been a lead consultant to the project since its inception, providing a variety of expertise on frequency acquisition, financial modeling, radio operations, fundraising and collaboration with public media organizations locally and nationally. |
| More Stations Seek Appraisals
As economic conditions continue to fluctuate around the country and the radio market rebounds slowly, many more noncommercial licensees are seeking appraisals to understand the value of their media assets and, in some cases, prepare for transferring their assets to another public media owner. Knowing the current value of radio properties is an essential step to strategic planning and a sound business practice for ongoing operations. |
Public Radio Fund Expands
Public media organizations seek loans from PRC's Public Radio Fund, which now has investment commitments in excess of $10.6M. As of August 31, 2010, the Fund had deployed 67%, or $5.02M, of its outstanding investor notes of $7.43M. Three different types of loans have been made to public radio operations in Colorado, Texas and Utah. The current Fund applicant pool represents requests for more than $2.5 million in working capital, bridge and station acquisition loans. Clients interested in appraisals or PRF loans can contact Evran Kavlak ekavlak@publicradiocapital.org. |
| News and Information Increases in Top 25 Market
PRC's client, WUSF Public Media, doubles broadcast services in West Central Florida through its purchase of WSMR 89.1 in Sarasota. PRC provided brokerage and negotiation services for this purchase, which allows WUSF to offer a fulltime news service on one channel and fulltime classical on the other. In the top 25 biggest radio markets, Tampa/Sarasota now joins 21 markets where local audiences enjoy these distinct format options. Atlanta, Houston and Pittsburgh are the remaining three communities in the top 25 without a full service news/information outlet. |
| WOSU Purchases Commercial Station in Ohio
WOSU Public Media, through its licensee Ohio State University, will acquire the commercial radio station frequency, 101.1 FM, in Grove City, Ohio this fall. Assisted by PRC in the negotiations, the purchase will expand WOSU's public service broadcasting for the region through a dedicated classical music service for the Central Ohio community. |
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