Four Outer Banks radio stations are now up for liquidation, after the assets of a New Jersey-based company that had filed for bankruptcy were transferred to a trustee on Friday.
JAM Media Solutions had been seeking Chapter 11 bankruptcy protection by reorganization since October 2022.
The company owned Beach 104 (WCXL-FM); 99.1 The Sound (WVOD-FM); Big 94.5 (WCMS-FM); Z92.3 (WZPR-FM); Muscatine, Iowa-based 93.1 The Buzz (KMCS-FM), KWPC 980 AM/95.1 FM; and online outlets OBX Today and The Voice of Muscatine.
RadioInsight.com reports the company claimed assets valued between $100,001 and $500,000 and liabilities between $1 million and $10 million.
The list of creditors include a variety of local businesses in North Carolina and Iowa, broadcast-related companies, along with local, state, and federal government entities.
Jonathan M. Mason, Sr., previously worked as a sales executive and manager in the New York City market at powerhouse stations including Sports Radio 66 WFAN, 92.3 K-Rock, 1010 WINS, News Talk 77 WABC, and others, before launching JAM Media Solutions in 2015 as a marketing agency.
Among the clients JAM Media Solutions handled at one time was the MyPillow brand.
In 2018, Mason purchased the Outer Banks properties from Max Media of the Carolinas for $1.85 million and the Iowa group from WPW Broadcasting for $956,000.
A federal bankruptcy judge in August ordered the case to be transferred from Chapter 11 to Chapter 7 status, which means the assets are to be liquidated.
Transfer of the stations to a trustee, New Jersey-based bankruptcy attorney Jeffery T. Testa, was filed with the Federal Communications Commission on Friday, Radio Insight reports.
He will oversee the assets until they are sold, which includes the stations’ facilities and equipment at multiple sites in North Carolina and Iowa.
The stations continue to broadcast their normal programming, although 99.1 FM has been operating at extremely low power for several months, and 94.5 FM has been off-the-air for an extended period.
Both stations have continued to stream their programming on the internet.
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