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Journal Purchases Radio Station StockThe Lorain Journal has purchased 45 per cent of voting (common) stock and all preferred stock in Radio Station WWIZ, which has been operating from Lorain since last October,A Federal Communications Commission spokesman said yesterday the Journal has purchased 90 of the 200 shares of common stock from Sanford A, Schafitz Farrell, Fa, Schafitz, who was licensed by the FCC to operatethe 500 watt station, still retains control and is president and a director of the station, now known as WWIZ, Inc.Other officers, according to the FCC, are Lou Skeily business manager of the radio station, vice president; Carl M Adams, business manager of the Journal, secretary; Herbert JL. Wilt, Journal auditor, treasurer; Harry R. Horvjtz, head of Horvitz Publish ing Co. which publishes the Journal and Mansfield News-Jouroal i daily newspapers, a director; and William Wickens, Loram attorney. a director.Tht FCC said it was informed i that the purchase of the 90 shares ;of common stock by the Journal iwas consummated Feb 13 j* JHoreitz will exercise the Jour-1nal’s voting power as stockholder of the 90 common shares.The Journal also owns all 200preferred stocks of the radio company, th* FCC reported. Purchase price for the non-voting; preferred shares was $20,000 while the J urnal paid a reported $36,000 for the common stock.Schafitz filed application for the station with the FCC in July. 1953, and a senes of hearings be gan in 1956 and extended through 1957. The FCC granted operating privileges May ? last year. Final program authorization was given by the FCC last Oct, 22.Total cost of the new station was in excess of $75,000 according to Schafitz, who also owns and operates a radio station at Farrell, Pa-, about 15 miles east of Youngstown. He i* a partner in the Community Telecasting Co., Youngs town
Newspaper Details
The Chronicle Telegram
Elyria, Ohio, US
Fri, Feb 27, 1959
Page 9
Full Page
Clipped by
Sammi B.
NA 13 Nov 2019
Other Publications Near Elyria, Ohio
Elyria Reporter
Elyria Evening Telegram
Elyria Chronicle
Elyria Lorain Constitutionalist
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