The sale of the legacy WMAL(AM) tower site near Washington has been completed by Cumulus Media.
The company said this week that it has finally closed on the sale of the 75-acre piece of land in heavily populated Bethesda, Md.
The buyer is Toll Brothers, which plans a housing development.
[Related: “WMAL Tower Site Demolition Begins,” 2016]
President/CEO Mary Berner issued a statement: “Given the difficult operating environment, our ability to continue to strengthen our balance sheet with the proceeds of this deal is particularly meaningful, and we greatly appreciate the efforts of Toll Brothers in working with us to bring this five-year effort to completion.”
The sale price was $74.1 million. “Net proceeds from the sale are required to be used to pay down debt, unless otherwise reinvested in the Company’s business over the next 12 months,” it stated.
The site had been active since WMAL put a transmitter into service there in 1941. Cumulus turned off service from the site in 2018. The call sign of its station on 630 kHz is now WSBN.
[Read a related technical story, “Diplex Two Four-Tower DA Stations 60 kHz Apart? No Way!”]
Watch a drone video of the site below.
