New WLNH owner says he's totally committed to 'local', including Children's Auction

PORTSMOUTH — By acquiring some of the 30 radio stations in New Hampshire, Maine and Vermont liquidated by bankrupt Nassau Broadcasting Partners this week, Bill Binnie, the principal of Carlisle Capital Corporation, said yesterday "we are positioned to be number one in Concord, number one in the Lakes Region, and a strong number two in Portland as well as have a terrific operation in Nashua."

Among the ten stations in New Hampshire, five broadcast from offices in Gilford —WLNH-FM (98.3), WLKZ-FM (104.9), WJYY-FM (105.5), WNHW-FM (93.3) and WEMJ-AM (1490).

When the stations were auctioned this week Carlisle Capital and Vertical Capital Partners, LLC of Hanover submitted a joint bid of $12.5-million for the 30 stations, which Nassau purchased in 2004 for $48-million. With the consent of Goldman Sachs Lending Partners, LP, Nassau's largest creditor, the offer was accepted as "the highest or otherwise best bid."

Unlike Nassau, which buckled under the debt it assumed to buy the stations, Binnie said that the transaction will close without borrowed money. "We're doing it the old fashioned way," he said. "with equity and no debt." He said that during his 30 years in business he has managed "a lot of different turnarounds and there is no secret formula. It's hard work, attention to detail, commitment to employees and customers," he continued. "I'm highly confident we can achieve financial success, but I understand it won't be overnight."

Jeff Shapiro, the principal of Vertical Capital Partners is the president of Great Eastern Radio, LLC and Border Broadcasting, Inc., which own radio stations in the Upper Valley and Vermont. He could not be reached for comment and Binnie declined to discuss the arrangements between the two in his absence.

However, Binnie said that among other stations WLNH-FM, with a "Hot AC," or adult contemporary, format and WJYY-FM, a top 40 station, both serving the Lakes Region and Concord from Gilford, WFNQ-FM (106.3) of Nashua, airing classic hits, and WTHT-FM (99.9), "the Wolf," of Portland, Maine will join his stable.

The acquisitions are Binnie's first foray into radio. In 2011 he purchased two low-power television stations, WYCN-LP in Nashua and WZMY-TV in Derry, changing its call letters to WBIN-TV. Last year, TVNewsCheck, a trade website, reported that Binnie described WBIN-TV as "the cornerstone" of the company he was creating.

"The acquisition of these valuable assets will give us the scale, breadth and depth to collect and deliver news, information and entertainment to New Hampshire listeners," Binnie said. "This is all about local ownership and management of the media that serves our local communities."

Binnie stressed his "absolutely 100-percent commitment" to maintaining the relationship between WLNH-FM and the annual Children's Auction, a fixture in the Lakes Region for the past 26 years. He indicated that he would like to develop a similar event in other communities reached by his stations. "That commitment is important to me, both personally and professionally."

Started by Warren Bailey when he was a disc jockey at WLNH, the Chiildren's Auction is now a separate nonprofit corporation managed by an independent board of directors. Aucton programming is simultaneously broadcast on both WLNH and Lakes Region Public Access TV.

"We are looking forward to preserving jobs and providing good jobs," Binnie said, adding that employment at WBIN-TV has tripled since he acquired the station.

"Our goal is to become the preeminent media company in New Hampshire," Binnie declared,"and it is a huge head start to buy this cluster of radio stations." He remarked that for too long there has been too little competition among local media outlets. "We need more voices," he said, "and we will be part of that group that brings more voices."