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B101 Radio President Jerry Lee Becomes Station's Sole Owner; Deal Ensures B101's Position As Only Privately-Held Radio Station in Major Market

Posted on: Friday, 10 March 2006, 12:00 CST

Philadelphia's B101 Radio (WBEB 101.1 FM) today announced that President and Co-owner Jerry Lee has finalized a purchase deal to secure sole ownership of the innovative adult contemporary station. Lee purchased the outstanding equity stake from the estate of his recently deceased partner, David L. Kurtz. While the dollar amount of the deal was undisclosed, industry analysts place the value of station at more than $180 million. The deal ensures that B101 will remain the only privately-held FM radio station in a top-ten U.S. media market - a distinction that makes it an industry and business anomaly in the era of radio consolidation.

"This deal may change the details on a piece of paper, but the spirit, philosophy and commitment to innovation this station has embodied for more than 40 years remain the same," said Lee. "Dave Kurtz and I shared a vision that our station would provide a model for innovative radio and broadcasting best business practices. As the only privately held station in a top media market, B101 will continue to push the envelope and move the industry forward in any way we can."

Lee joined the station, now called B101 (originally it was WDVR), shortly after it was founded in 1963 by partner Kurtz. At that time, FM radio was considered more of a novelty than a business. The station they created would soon change that, laying the foundation for FM radio as a viable music format and business platform.

Through the years the station has been a leader in radio innovation, holding its position at the top of the Philadelphia market against all odds. It created the first big money giveaway in radio ($101,000), and the first professional TV spot to promote radio. WDVR became WEAZ in 1980, before changing its call letters to WBEB/B101.1 in 1993.

In the age of radio consolidation B101 has continued to thrive, becoming the largest and most successful independently owned station in the country. In the last two years, the station won two of the industry's prestigious Marconi Awards -- one for Best Station in a Major Market and a second for Best Adult Contemporary Station in a Major Market.

B101's dedication to shaping the radio industry continues today. Lee is Head of the Research Committee for the Radio Effectiveness Lab - the only organization spending significant money on researching radio effectiveness. In that role, Lee leads a group of researchers from the country's major agencies and advertisers on what research is needed to realize the power of radio.

Lee will also be honored this year with the Beville Award from the National Association of Broadcasting and the Broadcast Education Association. The award is given annually for outstanding contributions to the field of broadcast audience research. It is named in the memory of radio pioneer Mal Beville.

Source: Business Wire

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