***UPDATE: The court has approved the sale of WCHL and Chapelboro.com to Leslie Rudd.***
A court-appointed bankruptcy trustee determined a bid from Colorado-based investor Leslie Rudd to buy WCHL and Chapelboro out of a Chapter 11 bankruptcy proceeding to be the highest offer in the auction conducted Friday morning.
Rudd spoke with WCHL’s Blake Hodge about the decision to purchase WCHL and Chapelboro. Listen below:
Leslie G. Rudd
Rudd will purchase certain assets of VilCom Interactive Media, which is the parent company of WCHL 97.9 FM/1360 AM and Chapelboro.com. The price has not been disclosed, as the sale still must be approved in a court hearing next Tuesday, which is anticipated.
Rudd is a successful business owner and entrepreneur with an affinity for North Carolina and, especially, Chapel Hill.
The bid was a last-minute surprise in court proceedings that began last October, when WCHL’s owner Jim Heavner put all his companies into Chapter 11 status to protect against what he deemed a hostile takeover to gain control of publisher University Directories.
Heavner wrote in an email to staff:
“My goal has been to sell the station to someone who will carry on WCHL’s community service and local programming. I believe Leslie Rudd will do that. There have been many who wanted to buy WCHL, but not many who we felt met the qualifications of a next owner. We were not successful in finding a Chapel Hill owner with the credentials to carry it on. The final bid went to a prospective owner who doesn’t live here but has close Chapel Hill ties.”
Acting General Manager Jan Bolick shared this statement:
“Leslie Rudd has lived in Chapel Hill, owned property here, and is still a frequent visitor. He loves this community and has many friends here; he also loves this radio station and wants to see it survive and flourish. His intention is to build the best local co-ownership and operations team to ensure the legacy of Jim Heavner and Sandy McClamroch, and move into the future with the most unique community radio station in this country.
Leslie’s plan is to continue with the outstanding community programming, news and sports that WCHL offers and the local coverage Chapelboro.com provides, plus maintain the advertising opportunities for businesses that can reach more people more frequently than any other local medium, building on all of this with innovative technology and new ideas that he hopes will be generated in part by the community itself.
I am happy to share this news with our thousands of listeners and readers and assure them they will still be able to wake up with Ron Stutts and be with Aaron in the afternoon, and read and hear all their other favorites including Carolina sports. We look forward to everyone getting the chance to meet and know Leslie Rudd when he visits Chapel Hill and Carrboro.”
WCHL TIMELINE:
1953 Roland “Sandy” McClamroch begins WCHL as a daytime operations with 1,000 watts at 1360 AM
1958 Jim Heavner joins WCHL as a part time summer announcer
1967 Heavner purchases first interest in WCHL from then Mayor McClamroch
1978 Heavner purchases McClamroch remaining ownership, owns 100%
1993 Curtis Media purchases WCHL
2002 Heavner buys WCHL back from Curtis
2009 Barry Leffler buys controlling interest in WCHL from Heavner
2011 WCHL establishes Chapelboro.com, a community news and feature website
2012 WCHL adds FM translator at 97.9FM
2014 Heavner repurchases Leffler interest when he leaves for Dallas role with Tenet Health Care, places it in VilCom. WCHL is offered for sale.
2015 Leslie Rudd purchases WCHL
More details on the sale of WCHL and Chapelboro will be reported as they become available.
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