Re: 'ESPN_Radio'_To_Air_On_WEVD/New_York

[Mark <bostonradio@yahoo.com>]

The deal couldn't close right away because
of creative tax reasons. The Forward Association is
in the process of returning to its
former status as a not-for-profit organization
under IRS regulations that recognize organization's
social and cultural purpose. It will probably be a
few more months for them to get the non-profit status
at which point Disney will make a nice tax-deductible
contribution....




--- Joseph Pappalardo <joepappalardo2001@yahoo.com> wrote:
> Here's a peice of a story that many have speculated about:
> 
> >>>>
> ABC Radio will take over programming of the 50kw AM, owned by the Forward
> Association, on Sept. 1 and will immediately replace the station's Talk mix
> with continuous programming from its nationally syndicated, 24-hour sports
> network ESPN Radio. WEVD employees were notified of the agreement late
> yesterday, and a formal announcement from ABC is expected today. The Forward
> Association is a not-for-profit organization that publishes the weekly
> Jewish newspaper the Forward. A release appearing on the website for the
> newspaper quoted Forward CEO Samuel Norich as saying, "the arrangement with
> ABC may lead to a sale of the station at some point in the [future]."
> Furthermore, Norich said the association's agreement with ABC gives ABC the
> option to purchase the station for $78 million at any point during the next
> two years. He adds that any payments from ABC, whether in the form of
> royalty fees or as the proceeds of a possible sale, would be used to support
> the Forward Association's newspaper operations. Forward President Dr.
> Barnett Zumoff said the agreement was made in order to "secure and diversify
> the financial resources that will support our newspaper operations for the
> future." The Forward Association's charter calls for any profits to be
> either reinvested into its newspaper operations or to be donated to social
> and cultural causes.
> <<<<
> 
> 
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