Breaking News : WGBH buys WCRB to Keep Classical Alive in Boston
WGBH Boston, the nation's largest public media operation today acquired all-classical WCRB 99.5FM from Nassau Broadcasting Partners . As part of the transaction, WGBH will pay Nassau's creditor Goldman Sachs $14 million to purchase the FCC broadcast license for 99.5 FM, all related transmitting equipment, and WCRB's call letters and Web site. Through the acquisition, WGBH will preserve WCRB's 60-year classical music format.
According to a press release, as a part of the WGBH family, WCRB will be transformed into a 24/7 classical radio station operating on a public broadcasting's business model. In contrast to the current WCRB commercial model, with its reliance on advertising, the public radio model provides for a mix of funding through contributions from members and other individual donors, private foundations, city, state and federal entities and grants, and corporate underwriting.
In a release, WGBH said they will finance the purchase by beginning a special capital campaign donation drive called "Keep Classical Alive" which is now underway on its website.