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Start Free Trial NowTitle: TV station ready for debut
Description: 8-D; WOIO
TV station ready for debut Continued from Page 1-D became obvious to me that I was not going to be vice president of sales for NBC,” he said. “So I decided that if I wanted profes sional advancement. I would have to have my own property.” He made several attempts to buy radio stations but was unsuc cessful because of problems in financing, he said. After that, he considered television properties and looked seriously at Channel 19, a UHF station allocated by the FCC in 1952 that had never gone on the air. Payne, who will serve as the station’s general manager, owns 50% of the common stock of Channel 19 Inc. and one third equity in Overlook Communica tions Inc., the station’s parent company. A third of Overlook is owned by Metroplex, a Cleveland-based communications firm and the remaining third is owned by a partnership that in- METAL PRICES NEW YORK (AP) — Soot NONFERROUS METAL prices vesterdav: COPPER 69W-72 cents a pound. U.S. destinations; LEAD 24-27 cents a pound; ZINC 49 cents a pound; TIN $4.3367; ALUMINUM 81 cents a pound; GOLD $391.25 per troy ounce; SILVER $9,430 per troy ounce; MERCURY $325.00-$340.00 per 76 lb flask; PLATINUM $404.00 domestic mer chant troy ounce. eludes such local broadcasting executives as Milton Maltz, chairman of the board of Malrite Communications, the company that owns WHK and WMMS, and Carl Hirsch, chief operating offi cer of WHK. Putting together the station has taken an investment of at least $12 million and could run higher than $20 million. Though about $8 million was raised through county approved industrial reve nue bonds, the station will have to spend millions purchasing the right mix of old network shows not in syndication, old movies and rights to air some sports programs. National advertising — which accounts for 50% to 60% of an independent station’s revenue — is down from last year, according to some station executives. Fur thermore, they add, the cost of buying programs has risen — WUAB Channel 43 last week re portedly bought 129 episodes of Magnum PI at $20,000 each. All of that has led many observers to question how well the station will fare in its competition. “There is only so much adver tising revenue available in the market and, the more ways it’s divided, the smaller it gets,” said Ronald W. St Clair, assistant general manager of WUAB, which, with WCLQ—Channel 61, com prise the other area indepedent stations. “As a new station, they only have shows available to them that no other station wanted.” Still, Payne insisted that suc cess was not as elusive as it seemed. “I’m not looking for the same things as some of the other stations. I won’t have a news de partment — Judd Hambrick will never work for me,” he said. “When independent stations started the feeling was that they would never work. The doomsay- ers are out there. But our success will come, and it will be at someone else's expense.” 13 .50% CURRENT YIELD MUNICIPAL BONDS INTEREST IS TAX FREE INTEREST IS FREE OF ALL FEDERAL TAX. MAY BE SUBJECT TO APPLICABLE STATE TAXES. BONDS OFFERED IN $5000. DENOMINATIONS. Marion Bass Securities I
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Clipped 1 year ago
- Plain Dealer
- Cleveland, Ohio
- Dec, 13 1983 - Page 46