March 02, 2011 16:36 ET

Palm Beach County's Top Rated Radio Station WRMF-FM Purchased by Media Industry Veteran Dean Goodman

Local Broadcasting Executive Negotiates $16.5 Million Acquisition

WEST PALM BEACH, FL--(Marketwire - March 2, 2011) - The top adult contemporary radio station serving the Palm Beach, Martin and St. Lucie County markets, WRMF (97.9 FM), has been sold for $16.5 million to a Palm Beach County businessmen with deep involvement in the radio industry.

The station was acquired by WRMF-FM, LLC, a partnership with Palm Beach County resident Dean Goodman as CEO and partner.

Goodman, a radio pioneer in South Florida, created LOVE 94, Mellow Rock and the Soft Jazz format in addition to running WINZ, ZETA4 and other South Florida radio properties as well as television stations WPBF TV (ABC) and WTVX, (WB affiliate), both serving the West Palm Beach market.

Goodman went on to create PAX TV Network with Bud Paxson, founder of the Home Shopping Network. While serving as President/COO of Paxson, Goodman led in the acquisition of the Travel Channel, a national outdoor display company, and the nation's largest TV station ownership group with over 70 full-power stations including all the top 20 TV markets penetrating 90% of the U.S.

Goodman left Paxson five years ago and serves as Chief Executive Officer of GoodRadio.TV, LLC which continues to operate 26 local radio stations in Midwestern markets.

Goodman has served on the board for the National Association of Broadcasters (NAB), for which he has previously served on the executive committee. Mr. Goodman was awarded the "Broadcaster of the Year" award by the Florida Association of Broadcasters and has served as its Chairman of the Board. 

Goodman was joined in the acquisition by Carl Hirsch, also a long-time radio and entertainment industry leader, who died in Palm Beach County Monday, February 28th, on the eve of the consummation of the purchase.

The acquisition is an all equity deal. The seller was Cobalt Communications. The broker was Peter Handy of Star Media.

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