SALE of WQAM, Miami regional, by Miami Herald (Knight newspaper and radio interests) to Mid-Continent Broadcasting Co., headed by Todd Storz, for what is believed to be record price for regional of $850,000 cash, was consummated last Friday, subject to FCC approval. Mid-Continent was selected from among score of bidders who several weeks ago were invited to submit proposals.
ABC-affiliated WQAM had to be sold under FCC duopoly rule because Knight interests and James M. Cox interests, owners of WIOD Miami and Miami Daily News, are joint stockholders in new Biscayne Television Corp., permittee for ch. 7 WCKT-TV, scheduled to begin operation July 1. WIOD becomes radio affiliate of Biscayne under new organiza- tion, and changes call to WCKR.
Acquisition of WQAM gives Mid-Continent its fifth radio outlet, others being KOWH Omaha, WTIX New Orleans, WHB Kansas City and WDGY Minneapolis-St. Paul, latter acquired last January for $334,420. Transaction, it is understood, covers acquisition of physical plant and tower on Biscayne Bay causeway but not real estate. Net quick assets and receivables would reduce $850,000 figure somewhat but price is modern record for ABC- affiliated station in other than top 10 markets.
WQAM, established in 1921, is one of oldest stations in south and operates on 560 kc, with 5 kw day, 1 kw night. In addition to Mid-Continent, other bidders for property understood to have included Plough Broadcasting Co. (WMPS Memphis, WJJD Chicago, WCOP Boston, WCAO Baltimore); William M. O'Neil, former owner of WJW Cleveland; Ralph L. Atlass, WIND Chicago, and Sun Ray Drug Co., whose principal owners, Sylk brothers, own WPEN Philadelphia. -- Broadcasting Telecasting Magazine May 14, 1956