A Pennsylvania company has purchased Delmarva Broadcastingfrom Steinman Communications). Radio Insight and other trade websites reported the sale on Tuesday and Wednesday.
AllAccess.com reported the radio station and digital services company was sold for $18.5 million.
Lancaster, PA-based Steinman’s holdings including newspapers in Pennsylvania as well as a regional farming journal and a downtown Lancaster restaurant.
The company, like all newspaper owners, has been dealing with a long-running decline in newspaper display and classified advertising.
Forever Media, a regional operator of radio stations in the Mid-Atlantic purchased the owner of stations that include: WDEL, AM andFM; WSTW, a hits station; WXCY, a country music station and WXDE, a news station in Lewes.
Forever owns radio stations in Easton, MD that have signals that extend into Delaware.
WDEL,which purchased an FM station serving northern Delaware afew years ago, has one of the largest radio news staffs in the region.
Delmarva also operates digital marketing services. There was no immediate comment from Delmarva on the possible sale.
The $18.5 million paid for Delmarva reflects the lower selling prices for radio stations, which face stiff competition from online sources. In 2006, Beasley Broadcasting paid $42 million for one Wilmington station, WJBR-FM.