NEW JERSEY NETWORK RADIO STATIONS APPRAISAL OF TANGIBLE ASSETS AS OF OCTOBER 1, 2010

Transcription

1 NEW JERSEY NETWORK RADIO STATIONS APPRAISAL OF TANGIBLE ASSETS AS OF OCTOBER 1, 2010 PREPARED FOR STATE OF NEW JERSEY DEPARTMENT OF THE TREASURY, DIVISION OF ADMINISTRATION Project No

2 15120 Enterprise Court, Suite 100 Chantilly, Virginia Phone: Fax: January 28, 2011 Mr. Michael Jonas, Operations Manager Mr. Rick Williams, Assistant Director, NJN Engineering 50 West State Street, 8 th Floor PO Box 211 Trenton, Phone: (609) Re: Estimate of the fair value of the tangible assets, in place and in use, of Radio Stations WNJS- FM, WNJM-FM, WNJO(FM), WNJY(FM), WNJN(FM), WNJZ(FM), WNJT-FM, WNJP(FM) and WNJB-FM, licensed to Berlin, Manahawkin, Toms River, Netcong, Atlantic City, Cape May Court House, Trenton, Sussex and Bridgeton,, respectively. Dear Mr. Jonas and Mr. Williams: Pursuant to your request, BIA Advisory Services, LLC (d/b/a BIA/Kelsey) has prepared an appraisal to arrive at an opinion as to the fair value of the tangible assets, in place and in use, that are associated with Radio Stations WNJS-FM, WNJM-FM, WNJO(FM), WNJY(FM), WNJN(FM), WNJZ(FM), WNJT-FM, WNJP(FM) and WNJB-FM, as of October 1, Fair value is synonymous with fair market value. Based on the data, analyses, and conclusions set forth in the report that follows, it is our opinion that the values of the appraised assets, as of October 1, 2010, are as stated in the following value summary. Respectfully Submitted, BIA/KELSEY Geoffrey C. Price Vice President BIA/Kelsey Media Intelligence & Investment Resources

3 TABLE OF CONTENTS VALUE SUMMARY... 2 STATEMENT OF INTRODUCTION... 4 IDENTIFICATION OF THE PROPERTY... 4 PURPOSE AND METHODOLOGY... 7 APPRAISAL CERTIFICATE... 9 RIGHTS AND LIMITING CONDITIONS... 9 STATEMENT OF APPRAISERS INDEPENDENCE TANGIBLE ASSET OVERVIEW EXHIBIT TANGIBLE ASSET INVENTORY EXHIBIT QUALIFICATIONS BIA/Kelsey 1

4 VALUE SUMMARY Network Radio Stations as of December 1, 2010 Tangible Assets Studio and Office Appraised WNJB Appraised WNJM Appraised WNJN Appraised WNJO Appraised WNJP Appraised WNJS Appraised WNJT Appraised WNJY Appraised WNJZ Appraised Appraised Towers $0 $0 $0 $0 $3,196 $0 $0 $0 $0 $0 $3,196 FM Antenna System 0 9,914 6,857 9,140 7,157 4,841 67,548 12,137 4,532 6, ,068 FM Transmitter Equipment 0 26,565 15,838 44,195 39,182 31,019 34,243 24,325 26,726 41, ,070 Technical Equipment 145,923 1,603 1, , ,491 ENG/EFP Equipment 2, ,734 Microwave Equipment 18,583 9,088 15,613 9, ,366 13,453 4,469 12,533 17, ,821 Satellite Equipment 10, ,322 Program/Production Materials and Supplies 1, ,329 Furniture and Fixtures 3, ,346 Office Equipment 1, ,522 Spare Parts ,817 4, ,933 Total Tangible Assets $183,971 $47,170 $39,430 $62,989 $49,884 $48,830 $149,419 $45,835 $44,644 $66,660 $738,832 Exhibits: 1. Tangible Asset Inventory 2. Qualifications of Geoffrey C. Price and Sidney E. Shumate BIA/Kelsey

5 STATEMENT OF INTRODUCTION BIA/Kelsey 3

6 Statement of Introduction STATEMENT OF INTRODUCTION BIA/Kelsey has been retained by the State of to estimate the fair value of the tangible assets, in place and in use, of Radio Stations WNJS-FM, WNJM-FM, WNJO(FM), WNJY(FM), WNJN(FM), WNJZ(FM), WNJT-FM, WNJP(FM) and WNJB-FM, assigned to Berlin, Manahawkin, Toms River, Netcong, Atlantic City, Cape May Court House, Trenton, Sussex and Bridgeton, New Jersey, as of October 1, These stations operate as part of the Network, a statewide public broadcasting network. This report is being prepared for financial reporting purposes. In this document we have appraised the tangible assets of the aforementioned Network radio stations. For this purpose, Mr. Sidney E. Shumate, a Broadcast Engineer with BIA/Kelsey, visited the Network s studios in Trenton and three of the stations transmitter facilities on October 13, 2010 to inspect the tangible assets and to acquire data necessary for the appraisal. The tangible asset inventories for the remaining stations were provided by the Network. The value of the stations tangible assets is based upon each specific asset s replacement cost, with a provision for observed depreciation or, where appropriate, the cost of comparable used assets of like age and condition. In the course of the appraisal, BIA/Kelsey was provided with equipment prices, industry related data, and other information. In the course of the appraisal, the analysts relied on BIA/Kelsey s Investing in Radio 2010, 3rd Edition, Media Access Pro Radio Analyzer and Coverage Map Data; and other industry related data. IDENTIFICATION OF THE PROPERTY WNJS-FM is a Class A FM radio station allotted to Berlin,. WNJS-FM operates with an effective radiated power (ERP) of 20 watts vertically-polarized, and one watt horizontally-polarized, at a height above average terrain (HAAT) of 781 feet, on an assigned frequency of 88.1 megahertz (MHz). WNJS-FM also holds a construction permit (CP), BPED ABW, to increase the vertically-polarized ERP to 80 watts, and increase the HAAT to 942 feet. The station had begun BIA/Kelsey 4

7 Statement of Introduction implementing the CP as of the October 1, 2010 valuation date and expected to complete construction by the end of October. WNJM-FM is a Class A FM radio station licensed to Manahawkin,. WNJM-FM operates with an ERP of 200 watts vertically-polarized, one watt horizontally-polarized, at a HAAT of 259 feet, on an assigned frequency of 89.9 MHz. WNJO is a Class A FM radio station licensed to Toms River,. WNJO operates with an ERP of four kilowatts (kw) vertically-polarized, one watt horizontally-polarized, at a HAAT of 121 feet, on an assigned frequency of 90.3 MHz. WNJY is a Class A FM radio station licensed to Netcong,. WNJY operates with an ERP of 520 watts vertically-polarized and one watt horizontally-polarized, at a HAAT of 430 feet, on an assigned frequency of 89.3 MHz. WNJN-FM is a Class A radio station licensed to Atlantic City,. WNJN-FM operates with an ERP of 6.0 kw vertically-polarized, 25 watts horizontally-polarized, at a HAAT of 276 feet, on an assigned frequency of 89.7 MHz. WNJZ is a Class A FM radio station licensed to Cape May Court House,. WNJZ operates with an ERP of 6.0 kw circularly-polarized, at a HAAT of 236 feet, on an assigned frequency of 90.3 MHz. WNJT-FM is a Class A radio station licensed to Trenton,. WNJT-FM operates with an ERP of 110 watts vertically-polarized, at a HAAT of 689 feet, on an assigned frequency of 88.1 MHz. WNJT-FM hold a CP (BPED MB) for a new satellite station licensed to Bernardsville,. The CP was granted in July 1999 and has been extended to 2012, according to Mr. Rick Williams of NJPBA. According to Mr. Williams, the satellite station has not been constructed. WNJP is a Class A FM radio station licensed to Sussex,. WNJP operates with an ERP of 450 watts circularly-polarized, at a HAAT of 637 feet on an assigned frequency of 88.5 MHz. BIA/Kelsey 5

8 Statement of Introduction WNJB-FM is a Class A radio station licensed to Bridgeton,. WNJB-FM operates with an ERP of 2.5 kw vertically-polarized and one watt horizontally-polarized, at a HAAT of 220 feet on an assigned frequency of 89.3 MHz. All nine stations are licensed to the Public Broadcasting Authority (NJPBA), which was founded in 1968 by an act of the State Legislature. All nine of the NJN radio stations lease their tower equipment shelter space. The transmitter sites for WNJS-FM, WNJT-FM, WNJP, and the New Brunswick studio-to-transmitter link (STL) subcarrier relay point, are co-located at NJN television transmitter sites. The WNJS-FM transmitter site is co-located at the WNJS(TV) transmitter site on Arrowhead Drive, in Waterford Township, near Berlin. The WNJM-FM transmitter site is located at 1001 Beach Avenue, in Manahawkin. The WNJO transmitter site is located at 13th Avenue and Barnegat Avenue in Seaside Park. The WNJY transmitter site is located at the intersection of Route 206 and Route 80, Mountain Road, in Netcong. The WNJN-FM transmitter site is located adjacent to the west parking lot, on the grounds of the Atlantic Coast Community College in Mays Landing, New Jersey. The WNJZ transmitter site is located adjacent to the J.F. Kelly Construction building, at 916 Route 9 North, in Cape May Court House. The WNJT-FM transmitter site is at the end of Grover s Mill Road, one-half mile east of the intersection of US Route 1 and Interstate 295. The WNJP transmitter site is located on a NJN-owned tower identified as the Sussex TV tower, FCC ASR# , located 1/2 mile southeast of NJ Route 517 and Sand Point Road in Hardistonville, New Jersey. The WNJB-FM transmitter site is located at 637 Bridgeton Avenue (also known as County Road 666), in Bridgeton. The stations studio and office facilities are located at 25 South Stockton Street in Trenton. The building is primarily occupied by the Public Broadcasting Authority (NJPBA), of which the NJN radio division utilizes space in said building. Management, financial, and engineering staff and offices are shared with the television operations. NJN radio primarily occupies only three studios, a workroom, a programming office, space in the racks in two rack rooms, and space on the roof for a satellite dish. The real estate at this location is primarily occupied by the television operations of NJN, and is not included in this appraisal. BIA/Kelsey 6

9 Statement of Introduction The tangible assets of Radio Stations WNJS-FM, WNJM-FM, WNJO, WNJY, WNJN, WNJZ, WNJT-FM, WNJP and WNJB-FM that the appraiser identified and inspected include: towers, FM antenna system, FM transmitter equipment, technical equipment, ENG/EFP equipment, microwave equipment, satellite equipment, program/production materials and supplies, furniture and fixtures, office equipment, and spare parts. PURPOSE AND METHODOLOGY The purpose of this appraisal is to determine, as of October 1, 2010, the fair value of the tangible assets, in place and in use, comprising Radio Stations WNJS-FM, WNJM-FM, WNJO(FM), WNJY(FM), WNJN(FM), WNJZ(FM), WNJT-FM, WNJP(FM) and WNJB-FM. This appraisal is being prepared for financial reporting purposes. Valuation of the tangible assets of the stations is based on industry guidelines and the techniques described in Revenue Procedure In valuing the tangible assets, the appraiser has considered three approaches to value. These are the cost approach, the market approach, and the income approach. The cost approach is that approach which measures value by determining the current cost of an asset and deducting depreciation, that is, physical deterioration and functional and economic obsolescence. In its simplest form, it is nothing more than current replacement cost less all depreciation. The market approach is that approach to value in which recent sales and offering prices of comparable properties are analyzed to arrive at an indication of the most probable selling price of the subject property. The income approach is that approach to value in which income generated by the subject property is analyzed and projected over a specified time period and capitalized at an appropriate market rate to arrive at the property s value. The appraiser has chosen both the cost and market approaches as most appropriate for the tangible assets. The value of the stations tangible assets is based upon each specific asset s replacement BIA/Kelsey 7

10 Statement of Introduction cost, with a provision for depreciation or, where appropriate, the cost of comparable used assets of like age and condition. For the purposes of this report, the definition of fair value, in place and in use, is: the value of property for a specific use or to a specific user, reflecting the extent to which the property contributes to the utility and/or profitability of the enterprise of which it is a part. The fair value, in place and in use, of WNJS-FM, WNJM-FM, WNJO, WNJY, WNJN, WNJZ, WNJT-FM, WNJP and WNJB-FM s tangible assets have been determined by comparing the assets, in place and in use, to that part of the communications industry with a direct need and identical use for the specific asset. The valuation of technical and non-technical equipment has been conducted on the basis of new replacement cost less a provision for all forms of depreciation or, in the case of those assets readily available on the used equipment market, the market approach. The appraiser used current communications industry equipment prices appearing in appropriate manufacturers price lists and catalogs, solicited current market data from dealers of used broadcast equipment, and relied upon published used equipment price lists, catalogs, and listings in trade magazines and publications. The appraiser also discussed current market trends with used equipment dealers/brokers and manufacturers. The in place and in use value of the tangible assets has been determined by taking into consideration such expenses as design time, engineering, supervision, labor and materials for installation, testing, proof-of-performance measurements, outside consulting fees, freight, administrative costs, contractor contingency fees, overhead, profit, contractor quantity discounts, and capitalized interest expenses. Estimates of equipment depreciation are based upon further consideration of wear and tear from use, loss of utility due to operational problems, and technological and economic obsolescence. A summary of the asset values is set forth in the preceding Summary. BIA/Kelsey 8

11 Statement of Introduction APPRAISAL CERTIFICATE This appraisal of the tangible assets of Radio Stations WNJS-FM, WNJM-FM, WNJO(FM), WNJY(FM), WNJN(FM), WNJZ(FM), WNJT-FM, WNJP(FM) and WNJB-FM, licensed to Berlin, Manahawkin, Toms River, Netcong, Atlantic City, Cape May Court House, Trenton, Sussex and Bridgeton,, has been made for the purpose of expressing an expert opinion as to the fair value of the tangible assets, in place and in use, of the stations, as of October 1, The appraiser was informed of no serious structural deficiencies, except if stated previously in this report. BIA/Kelsey assumes no responsibility for conformity to specific local and Federal government requirements or for any hidden defects in either the real or personal property. RIGHTS AND LIMITING CONDITIONS It should be noted that the appraisal of the tangible assets of Radio Stations WNJS-FM, WNJM-FM, WNJO(FM), WNJY(FM), WNJN(FM), WNJZ(FM), WNJT-FM, WNJP(FM) and WNJB-FM has been prepared exclusively for State of and is not to be reproduced in whole or in part for any reason without the express written consent of State of and that of BIA/Kelsey. The appraisers assume no responsibility for matters of a legal nature affecting the property appraised. The appraisers also assumed property free and clear of all liens and other encumbrances. The information provided by the clients was assumed to be accurate and no steps were taken to independently verify the material. This appraisal is valid only for the appraisal date or dates specified herein and only for the appraisal purpose specified herein. The client warrants that any reports, analyses, or other documents prepared for it by the appraisers will be used only in compliance with all applicable laws and regulations. BIA/Kelsey 9

12 Statement of Introduction STATEMENT OF APPRAISERS INDEPENDENCE The statements of fact contained in this report are, to the best of the appraisers knowledge, true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and is our personal, unbiased professional analyses, opinions and conclusions. BIA/Kelsey has no present or prospective interest in the property that is the subject of this report, and has no personal interest or bias with respect to the parties involved. BIA/Kelsey s compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. BIA/Kelsey s analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). No one provided significant professional assistance to the persons signing this report. BIA ADVISORY SERVICES, LLC (BIA/KELSEY) Geoffrey C. Price Vice President Sidney E. Shumate Broadcast Engineer Enterprise Court, Suite 100 Chantilly, VA January 28, 2011 BIA/Kelsey 10

13 TANGIBLE ASSET OVERVIEW BIA/Kelsey 11

14 Tangible Asset Overview TANGIBLE ASSET OVERVIEW The tangible assets of the nine Network (NJN) Radio Stations WNJS-FM, WNJM-FM, WNJO(FM), WNJY(FM), WNJN(FM), WNJZ(FM), WNJT-FM, WNJP(FM) and WNJB-FM, all programmed from studios in Trenton, that the appraiser valued include: towers, FM antenna systems, FM transmitter equipment, technical equipment, ENG/EFP equipment, microwave equipment, satellite equipment, program/production materials and supplies, furniture and fixtures, office equipment, and spare parts. An inspection of the NJN radio studios in Trenton, and three of the nine transmitter sites, WNJT-FM, WNJS, and WNJN, was performed by Sidney E. Shumate for the BIA Advisory Services, LLC (d/b/a BIA/Kelsey), on October 13, All comments regarding condition are based on observations made during the appraiser's inspection. WNJS-FM is a Class A FM radio station allotted to Berlin,. WNJS-FM operates with an effective radiated power (ERP) of 20 watts vertically-polarized, and one watt horizontally-polarized, at a height above average terrain (HAAT) of 781 feet, on an assigned frequency of 88.1 megahertz (MHz). WNJS-FM also holds a construction permit (CP), BPED ABW, to increase the vertically-polarized ERP to 80 watts, and increase the HAAT to 942 feet. Mr. Williams expects to complete construction of the CP November WNJM-FM is a Class A FM radio station licensed to Manahawkin,. WNJM-FM operates with an ERP of 200 watts vertically-polarized, one watt horizontally-polarized, at a HAAT of 259 feet, on an assigned frequency of 89.9 MHz. WNJO is a Class A FM radio station licensed to Toms River,. WNJO operates with an ERP of four kilowatts (kw) vertically-polarized, one watt horizontally-polarized, at a HAAT of 121 feet, on an assigned frequency of 90.3 MHz. WNJY is a Class A FM radio station licensed to Netcong,. WNJY operates with an ERP of 520 watts vertically-polarized and one watt horizontally-polarized, at a HAAT of 430 feet, on an assigned frequency of 89.3 MHz. BIA/Kelsey 12

15 Tangible Asset Overview WNJN-FM is a Class A radio station licensed to Atlantic City,. WNJN-FM operates with an ERP of 6.0 kw vertically-polarized, 25 watts horizontally-polarized, at a HAAT of 276 feet, on an assigned frequency of 89.7 MHz. WNJZ is a Class A FM radio station licensed to Cape May Court House,. WNJZ operates with an ERP of 6.0 kw circularly-polarized, at a HAAT of 236 feet, on an assigned frequency of 90.3 MHz. WNJT-FM is a Class A radio station licensed to Trenton,. WNJT-FM operates with an ERP of 110 watts vertically-polarized, at a HAAT of 689 feet, on an assigned frequency of 88.1 MHz. WNJT-FM hold a CP (BPED MB) for a new satellite station licensed to Bernardsville,. The CP was granted in July 1999 and has been extended to 2012, according to Mr. Rick Williams of NJPBA. According to Mr. Williams, the satellite station has not been constructed. WNJP is a Class A FM radio station licensed to Sussex,. WNJP operates with an ERP of 450 watts circularly-polarized, at a HAAT of 637 feet on an assigned frequency of 88.5 MHz. WNJB-FM is a Class A radio station licensed to Bridgeton,. WNJB-FM operates with an ERP of 2.5 kw vertically-polarized and one watt horizontally-polarized, at a HAAT of 220 feet on an assigned frequency of 89.3 MHz. All nine stations are licensed to the Public Broadcasting Authority (NJPBA), which was founded in 1968 by an act of the State Legislature. All nine of the NJN radio stations lease their tower equipment shelter space. The transmitter sites for WNJS-FM, WNJT-FM, WNJP, and the New Brunswick studio-to-transmitter link (STL) subcarrier relay point, are co-located at NJN television transmitter sites. The WNJS-FM transmitter site is co-located at the WNJS(TV) transmitter site on Arrowhead Drive, in Waterford Township, near Berlin. The antenna system consists of a DB Products DB-225 antenna array with 16 bays vertically polarized and one bay horizontally polarized, 900 feet of transmission line, and a RF splitter system that combines the FM signal and STL signal onto one transmission BIA/Kelsey 13

16 Tangible Asset Overview line. WNJS-FM s Construction Permit lists a SWR FMEES/1-DA directional antenna, which is scheduled to arrive and be installed by November The currently licensed DB Products antenna will remain on the tower as an auxiliary antenna. The transmitter is a Harris Digit exciter and a Vocom Products 100 watt FM RF amplifier. Other transmitter equipment includes: Burk and Gentner remote control systems, and Belar monitoring equipment. All antenna system and transmitter equipment appeared to be in fair-to-good condition. The WNJM-FM transmitter site is located at 1001 Beach Avenue, in Manahawkin. The antenna system consists of a two-station combiner; the SWR three-bay antenna and transmission line are leased and shared. The transmitter is a Crown FM250E 250 watt FM transmitter. Other transmitter equipment includes a Gentner remote control system. The WNJO transmitter site is located at 13th Avenue and Barnegat Avenue in Seaside Park. The antenna is mounted on a water tower. The antenna system consists of a Jampro two-bay FM antenna and 150 feet of 7/8 inch coaxial transmission line. The transmitter consists of a Crown FM150 exciter and Crown PA2000, a two kw FM RF amplifier. Other transmitter equipment includes: Sine Systems remote control systems, Belar monitoring, and Modulation Sciences audio processing. The WNJY transmitter site is located at the intersection of Route 206 and Route 80, Mountain Road, in Netcong. The antenna system consists of a Scala two-bay FM antenna and 250 feet of 7/8 inch coaxial transmission line. The transmitter is a Crown FM300 FM transmitter. Other transmitter equipment includes Belar monitoring equipment. The WNJN-FM transmitter site is located adjacent to the west parking lot, on the grounds of the Atlantic Coast Community College in Mays Landing,. The antenna system consists of a Jampro three-bay FM antenna, 250 feet of 1 5/8 inch coaxial transmission line, and an Andrew air dryer. The transmitter is a Harris PT-2CD 2.2 kw FM transmitter. Other transmitter equipment includes: Gentner remote control and Belar monitoring equipment. All antenna system and transmitter equipment appeared to be in fair-to-good condition. The WNJZ transmitter site is located adjacent to the J.F. Kelly Construction building, at 916 Route 9 North, in Cape May Court House. The antenna system consists of a SWR three-bay FM antenna, Cablewave 1 5/8 inch coaxial transmission line, and a Cablewave air dryer. The transmitter is a BIA/Kelsey 14

17 Tangible Asset Overview Broadcast Electronics (BE) FM-2C, equipped with a BE Fxi exciter. Other transmitter equipment includes: Gentner remote control and Belar monitoring equipment. The WNJT-FM transmitter site is at the end of Grover s Mill Road, one-half mile east of the intersection of US Route 1 and Interstate 295. The site is co-located with the WNJN-TV transmitter site. The antenna system consists of a db Products five-bay FM antenna and 800 feet of 7/8 inch coaxial transmission line. The transmitter consists of a Harris Digit exciter. Other transmitter equipment includes Belar monitoring equipment. All antenna system and transmitter equipment appeared to be in fair-to-good condition. The WNJP transmitter site is located on a NJN-owned tower identified as the Sussex TV tower, FCC ASR# , located 1/2 mile southeast of NJ Route 517 and Sand Point Road in Hardistonville,. The WNJP antenna system consists of a Jampro 2-bay FM antenna and 225 feet of 7/8 inch coaxial transmission line. The transmitter is a Harris Quest 500 watt FM transmitter. Other transmitter equipment includes Belar monitoring equipment. The WNJB-FM transmitter site is located at 637 Bridgeton Avenue (also known as County Road 666), in Bridgeton. The antenna system consists of a Jampro four-bay FM antenna and 250 feet of 1 5/8 inch coaxial transmission line. The transmitter is a Harris Quest 500 watt FM transmitter. Other transmitter equipment includes: a Gentner remote control system and Belar monitoring equipment. The stations studio and office facilities are located at 25 South Stockton Street in Trenton. The building is owned and primarily occupied by the Public Broadcasting Authority (NJPBA), of which the NJN radio division utilizes the space in said building. Management, financial, and engineering staff and offices are shared with the television operations. NJN radio primarily occupies only three studios, a workroom, a programming office, space in the racks in two rack rooms, and space on the roof for a satellite dish. The real estate at this location is primarily occupied by the television operations of NJN, and is not included in this appraisal. The nine NJN Radio Stations own and maintain technical equipment for use in their daily broadcast operations. At the NJN Radio studios in Trenton, this equipment includes: Wheatstone and Behringer audio consoles; Broadcast Electronics AudioVault digital audio storage and editing systems; Electro-Voice microphones mounted on shock mounts and O.C. white boom arms; Leitch BIA/Kelsey 15

18 Tangible Asset Overview slave clock display systems; RTS intercom and cue systems; Sony digital audio tape recorders; Sony portable digital audio recorders; 360 systems and Denon audio cart recorders; Grass Valley and Leitch audio distribution, digital encoding and decoding, and switching equipment; Telos and Radio Systems studio telephone interface systems; Orban audio processing, TFT EAS systems; ADC and Bittree audio patch panels; Bose, Fostex, Wohler, Electro-Voice, JBL, and Crown audio monitoring; ESE timers; Microvision control interface relays; and Tascam cassette recorders. Overall, the technical equipment appeared to have been well-maintained and to be in fair-to-good condition. The stations are connected with an extensive microwave relay audio system, consisting in part of audio subcarriers piggybacked on the NJN television digital microwave system, which utilizes Microwave Radio dual-stream equipment. A set of subcarrier relay equipment at the NJN WNJB- TV New Brunswick television transmitter site also serves as part of the STL links for NJN radio. This equipment appeared to be in nearly-new condition. Several of the NJN radio sites serve as relay points, and NJN Radio maintains a separate, stand-alone microwave relay site in Mt. Holly. The rest of the system connecting the stations, utilized Moseley and Microwave Radio STL transmitters, receivers, digital audio encoders, and digital audio decoders, all appeared to be in fair to good condition. Other microwave relay equipment included Scala and Mark STL antennas, and Andrew and Cablewave coaxial transmission lines, all appeared to be in fair-to-good condition where inspected. The NJPBA owns a one-meter Ku band satellite receive antenna located on the roof of the studios. The satellite receive equipment includes Satellite Systems down-convertors, Comstream receivers, and Microphase Communications demodulators. The satellite receive equipment appeared to be in overall fair condition. Other equipment inspected includes program/production materials and supplies, furniture and fixtures, office equipment, and spare parts. At the time of the appraiser's inspection, the custom studio technical furniture appeared to be in good condition, but the office furniture and studio chairs appeared to be in overall fair condition. Overall, except where noted, the tangible assets of the NJN Radio Stations appeared to be in fair-to-good condition. BIA/Kelsey 16

19 EXHIBITS BIA/Kelsey 17

20 EXHIBIT 1 TANGIBLE ASSET INVENTORY BIA/Kelsey 18

21 Category 1 : Towers WNJO FM Transmitter Site Toms River Elevated metal 4' x 4' platform atop four 4' high concrete pier foundations 1 3,196 Category Total: $3,196 BIA/Kelsey I - 1

22 Category 2 : FM Antenna System WNJS FM Transmitter Site Berlin To The Tower Custom RF splitter/combiner assembly ' of 1 5/8" coaxial transmission line with connectors and 2 49,372 hangers (in lots) On The Tower DB Products DB bay vertically polarized/one-bay 1 17,627 horizontally polarized antenna array Custom RF relay box at platform level WNJM FM Transmitter Site Manahawkin Inside Transmitter Building EMR FM63820xSBH6 two station combiner 1 6,857 BIA/Kelsey I - 2

23 WNJO FM Transmitter Site Toms River To The Tower 150' of 7/8" coaxial transmission line with connectors and hangers (in lots) 150' of 1/4" coaxial transmission line with connectors and hangers (in lots) 1 3, ,141 On The Tower Jampro JMPC-2R DA two-bay FM broadcast antenna 1 2,112 FM receive antenna WNJT FM Transmitter Site Grover's Mill Road Trenton, To The Tower 800' of 7/8" coaxial transmission line with connectors and hangers (in lots) 1 7,726 On The Tower DB Products DB225x16 five-bay FM antenna (WNJT) 1 4,411 BIA/Kelsey I - 3

24 WNJN FM Transmitter Site Atlantic City Inside Transmitter Building Andrew MT050 transmission line dehydrator To The Tower 250' of 1 5/8" coaxial transmission line with connectors and hangers (in lots) 1 5,690 On The Tower Jampro JMVP-3R three-bay FM antenna (WNJN) 1 3,176 WNJZ FM Transmitter Site Cape May Court House Inside Transmitter Building Cablewave APD-20 dehydrator On The Tower SWR FM3/3DA three-bay FM antenna 1 3,176 Cablewave HCC158-50J 1 5/8" coaxial transmission line with 1 3,291 connectors and hangers (in lots) BIA/Kelsey I - 4

25 WNJY FM Transmitter Site Netcong To The Tower 250' of 7/8" coaxial transmission line with connectors and hangers (in lots) 1 2,420 On The Tower Scala 2-CA5-FM-VRM two-bay FM antenna 1 2,112 WNJP FM Transmitter Site Sussex To The Tower 225' of 7/8" coaxial transmission line with connectors and hangers (in lots) 1 2,729 On The Tower Jampro JMP-2R two-bay FM antenna (WNJP) 1 2,112 WNJB FM Transmitter Site Bridgeton To The Tower 250' of 1 5/8" coaxial transmission line with connectors and hangers (in lots) 1 5,690 BIA/Kelsey I - 5

26 On The Tower Jampro JMEP-4R four-bay FM antenna (WNJB) 1 4,224 Category Total: $129,068 BIA/Kelsey I - 6

27 Category 3 : FM Transmitter Equipment WNJS FM Transmitter Site Berlin Inside Transmitter Building Gentner GECVRC2000 basic voice operation 1 4,949 Gentner Gecsensor silence sensor Burk AMDUPS400 backup power source Harris Digit FM transmitter (23) 1 9,893 Belar FMM2 FM modulation monitor 1 1,782 Belar FRS2 FM stereo monitor 1 1,782 Vocom Products 100 watt RF power amplifier 1 3,563 Orban 8200/32 digital audio processor 1 10,393 Gentner remote control system with (2) relay panels (needs new battery) WNJM FM Transmitter Site Manahawkin Inside Transmitter Building Crown FM250E FM transmitter 1 6,929 Gentner VRC-2000 remote control system 1 4,949 Gentner Gecsensor audio silence sensor Belar FMM2 modulation monitor 1 1,782 Belar FMS2 stereo monitor 1 1,782 BIA/Kelsey I - 7

28 WNJO FM Transmitter Site Toms River Climate-controlled weatherproof metal outdoor equipment enclosure rack cabinet 1 2,969 Inside Transmitter Building Belar FMM2 FM modulation monitor 1 1,782 Belar FMS2 FM stereo monitor 1 1,782 Sine Systems RAK-7 remote control system 1 1,752 Sine Systems RFP4 relay panel Modulation Sciences audio processor 1 3,431 Crown FM150 FM exciter 1 4,454 Crown PA2000 FM RF power amplifier with power supply 1 21,380 Inside Transmitter Cabinet Radio Shack Optimus temperature monitor Inovonics professional off-air FM receiver WNJT FM Transmitter Site Grover's Mill Road Trenton, Inside Transmitter Building Harris Digit FM transmitter (52) 1 9,893 Belar FMM2 FM modulation monitor 1 1,782 Belar FRS2 FM stereo monitor 1 1,782 Orban 8200/32 digital audio processor 1 10,393 Gentner silence sensor BIA/Kelsey I - 8

29 WNJN FM Transmitter Site Atlantic City Inside Transmitter Building Gentner VRC2000 transmitter remote control 1 4,949 Harris PT2CD FM transmitter 1 33,455 Belar FMM2 FM modulation monitor 1 1,782 Belar FMS2 FM stereo monitor 1 1,782 Harris power control panel 1 2,227 WNJZ FM Transmitter Site Cape May Court House Inside Transmitter Building BE FM-2C FM transmitter with: 1 32,664 BE FXi250 Pred Dig Exc FM exciter (included) 1 * Gentner VRC-2000 remote control system 1 4,949 Belar FMM2 modulation monitor 1 1,782 Belar FMS2 stereo mod monitor 1 1,782 Gentner GECSENSOR silence sensor Fostex 6301B speaker BIA/Kelsey I - 9

30 WNJY FM Transmitter Site Netcong Inside Climate Controlled Cabinet Belar FMM2 modulation monitor 1 1,782 Belar FMS2 stereo modulation monitor 1 1,782 Crown FM300 FM transmitter 1 12,769 Orban ORB822A/U3S digital Optimod 1 10,393 WNJP FM Transmitter Site Sussex Inside Transmitter Building Harris Quest 500 FM 500 watt transmitter 1 17,062 Belar FMM2 FM modulation monitor 1 1,782 Belar FMS2 FM stereo monitor 1 1,782 Orban 8200/32 digital audio processor 1 10,393 WNJB FM Transmitter Site Bridgeton Inside Transmitter Building Harris Quest 500 FM transmitter 1 17,062 Belar FMM2 modulation monitor 1 1,782 Belar FMS2 stereo modulation monitor 1 1,782 Gentner remote control system 1 5,939 Category Total: $284,070 BIA/Kelsey I - 10

31 Category 4 : Technical Equipment Studio and Office Site 25 S Stockton Street Trenton, Main Studio, Room 4179 Grass Valley 8900 GVG 8900 frame/da's/ D to A's 1 5,037 BE Audio Vault audio server 1 4,030 Miscellaneous Formica/wood technical furniture (in lots) 1 21,491 Electro-Voice Sentry 100A studio monitor loudspeaker Leitch DTD 5200 digital slave time display RTS Systems RMS300 intercom user station with gooseneck microphone Sony PCM-2800 digital audio tape recorder 2 2,183 O.C. White tabletop microphone boom arm O.C. White single riser 1 31 O.C. White triple riser 1 82 Electro-Voice RE-20 microphone 3 1,590 Electro-Voice 309A microphone shock mount ESE six-digit count-up timer Wheatstone D input digital stereo audio console 1 12,173 Grass Valley Group 16-input routing switcher control panel Tascam 112MkII audio cassette recorder 1 42 Denon DN-961FA digital cart recorder 1 1, Systems Digicart II Plus hard disk digital audio recorder 1 1,341 with control panel Bittree 48 x 2 audio patch panel 6 6,044 Leitch 6800 powered rack frame with associated modules 1 3,022 Middle Atlantic Products power center Generic Pentium PC with BE Audiovault software and 1 2,015 interface TFT EAS911 ENDEC encoder/decoder SLA-1 stereo audio power amplifier Behringer mini-amp four-channel headset amplifier 1 21 BIA/Kelsey I - 11

32 Miscellaneous electronic equipment (in lots) 1 84 Interview Studio, Room 4178 Metal floorstanding loudspeaker stand Electro-Voice Sentry 100A studio monitor loudspeaker Switchcraft microphone connector box array Switchcraft two-unit wall mount rack box 1 67 Leitch wall mount 4" display digital slave clock display Miscellaneous Formica/wood technical furniture (in lots) O.C. White tabletop microphone boom arm O.C. White triple riser 1 82 Behringer mini-amp four-channel headset amplifier 1 21 Radio Work Room, Room 4155 Sony PCM-R700 DAT recorder " metal equipment rack 1 1,511 Bose 151 loudspeaker CSI P-30FA FM tuner and power amplifer Grass Valley Group 8900 powered rack frame with 1 2,518 associated d.a.'s Broadcast Tools SS12.4 stereo crosspoint switch 1 1,067 Wohler AMP-1A-LP analog audio monitor Sony AMS-3 audio monitor loudspeaker 3 1,209 Netgear 16-port routing switcher 1 99 Metal equipment rack shelf Dell Optiplex GX Pentium PC with BE Audiovault edit 1 2,015 software and interface Dell 15" computer monitor 1 42 Optiquest 17" LCD color monitor Miscellaneous Formica/wood general technical furniture (in lots) 1 1,679 Radio Production Studio, Room 4185 Metal floorstanding loudspeaker stand Miscellaneous Formica/wood technical furniture (in lots) 1 24,177 BIA/Kelsey I - 12

33 JBL 4406 studio monitor loudspeaker Dell 19" LCD computer monitor ESE six-digit count-up timer Wheatstone D input digital stereo audio console 1 14,607 Marantz PMD-510 audio cassette recorder Systems Digicart II Plus hard disk digital audio recorder 1 1,341 with control panel Denon DN-650F CD player 1 1,259 Behringer mini-amp four-channel headset amplifier 1 21 O.C. White tabletop microphone boom arm O.C. White single riser 1 31 O.C. White triple riser 1 82 Electro-Voice RE-20 microphone 2 1,060 Electro-Voice 309A microphone shock mount AFV input mechanical switcher Leitch DTD-5200 digital slave time display RTS Systems RMS300 Intercom User Station with gooseneck microphone Dell celeron PC with BE Audiovault editing software and 1 2,015 interface Acer 19" LCD computer monitor Bittree 48 x 2 audio patch panel 6 6,044 Leitch 6800 powered rack frame with associated modules 1 3,022 Telos Zephyr digital ISDN telephone interface modem 1 3,284 Radio Systems (Symetrix) T1-101 telephone interface Crown D-75 stereo audio power amplifer Middle Atlantic Products power center Fourth Floor Rack Room, Room 4188 Microvision GPI panel Orban 8200ST/U studio chassis (audio processor) 1 1,679 Microvision IF bus selector TFT 940 EAS audio relay panel 1 80 TFT EAS930A radio receiver array x 2 audio patch panel Radio Shack Optimus stereo FM receiver BIA/Kelsey I - 13

34 Dell Dimension 2400 PC streaming media server WNJS FM Transmitter Site Berlin Inside Transmitter Building Nvision NV1000 powered rack frame with associated digital d.a. modules (in lots) 1 3,358 WNJM FM Transmitter Site Manahawkin Inside Transmitter Building Middle Atlantic ERK4025 equipment rack Fostex 6301B audio monitor/speaker Fostex 6301B powered loudspeaker WNJO FM Transmitter Site Toms River Inside Transmitter Cabinet Fostex 6301B powered loudspeaker BIA/Kelsey I - 14

35 WNJZ FM Transmitter Site Cape May Court House Inside Transmitter Building Midlantic ERK 4025 equipment rack Fostex 6301B speaker WNJY FM Transmitter Site Netcong Inside Climate Controlled Cabinet Fostex 6301B powered loudspeaker ' metal equipment rack WNJP FM Transmitter Site Sussex Inside Transmitter Building 6' metal equipment rack WNJB FM Transmitter Site Bridgeton Inside Transmitter Building 6' metal equipment rack Wohler audio monitor Power control panel BIA/Kelsey I - 15

36 Reading Service West Trenton TFT EAS911R4/930A EAS alert system Category Total: $154,491 BIA/Kelsey I - 16

37 Category 5 : ENG/EFP Equipment Studio and Office Site 25 S Stockton Street Trenton, Radio Work Room, Room 4155 Tascam DA-P1 DA-P1 DAT recorder/battery/case/charger Tascam DA-P1 DA-P1 DAT recorder/battery/case/charger Radio Production Studio, Room 4185 Sony PCM-R700 DAT Miscellaneous headsets (in lots) 1 74 Radio Production Office Miscellaneous remote broadcasting equipment (in lots) Category Total: $2,734 BIA/Kelsey I - 17

38 Category 6 : Microwave Equipment Studio and Office Site 25 S Stockton Street Trenton, Fourth Floor Rack Room, Room 4188 Moseley DSP6000E2 digital encoder 1 1,986 Microwave Radio (or Moseley) Digipro audio encoder 1 1,986 Moseley DSP6000E digital audio encoder 3 11,919 WNJS FM Transmitter Site Berlin Inside Transmitter Building Microwave Radio CO PAC 12 TV STL audio subcarrier demodulator Microwave Radio Digi-Pro digital audio decoder 1 1,986 Moseley DSP6000E digital audio encoder 1 3,973 Moseley PCL6010 STL transmitter 1 3,973 On The Tower Scala PR-450-U parapanel antenna Approximately 200' of 7/8" coaxial transmission line with 1 2,213 connectors and hangers (in lots) BIA/Kelsey I - 18

39 WNJM FM Transmitter Site Manahawkin Inside Transmitter Building Moseley PCL6010 STL transmitter 1 3,973 Moseley PCL6030 STL receiver 1 4,469 Moseley DSP6000D2 digital encoder 1 1,986 Moseley DSP6000E2 digital encoder 1 1,986 To The Tower Cablewave FLC78-50J transmission line 1 2,123 On The Tower Scala PR950 STL antenna Scala MF950B STL antenna WNJT FM Transmitter Site Grover's Mill Road Trenton, Inside Transmitter Building Moseley MOSDSP6000E4 audio/data encoder 1 4,469 BIA/Kelsey I - 19

40 WNJN FM Transmitter Site Atlantic City Inside Transmitter Building Moseley PCL6030 STL receiver 1 4,966 To The Tower 150' of 7/8" coaxial transmission line with connectors and hangers (in lots) 2 3,397 On The Tower Scala Paraflector STL antenna 2 1,291 WNJZ FM Transmitter Site Cape May Court House Inside Transmitter Building Moseley PCL6010 STL transmitter 1 3,973 Moseley PCL6030 STL receiver 1 4,221 Moseley DSP6000D2 audio decoder 1 1,986 Moseley DSP6000E2 audio encoder 1 1,986 On The Tower Cablewave FLC78-50J 7/8" coaxial transmission line with 1 3,604 connectors and hangers (in lots) Scala PR950 STL antenna Scala PR950 STL antenna BIA/Kelsey I - 20

41 WNJY FM Transmitter Site Netcong Inside Climate Controlled Cabinet Moseley MOSPCL6030 transmitter/receiver 1 4,469 Moseley MOSDSP60004 audio/data decoder 1 4,469 To The Tower 150' of 7/8" coaxial transmission line with connectors and hangers (in lots) 1 1,698 On The Tower Mark ANMP9A96GS 8' parabolic antenna 1 1,897 WNJP FM Transmitter Site Sussex Inside Transmitter Building Moseley PCL 6030 FM STL receiver 1 4,469 Microwave Radio CO PAC 12 TV STL audio subcarrier demodulator Moseley DSP6000 digital audio encoder 1 4,469 To The Tower 225' of 7/8" coaxial transmission line with connectors and hangers (in lots) 1 1,987 On The Tower Scala Paraflector STL antenna BIA/Kelsey I - 21

42 WNJB FM Transmitter Site Bridgeton Inside Transmitter Building Moseley PCL6030 STL receiver 1 4,469 Moseley DSP6000D2 audio decoder 1 1,986 To The Tower 225' of 7/8" coaxial transmission line with connectors and hangers (in lots) 1 1,987 On The Tower Scala Paraflector STL antenna STL Subcarrier Relay Point New Brunswick Mark Products ANMP9A96G2 8' parabolic dish antenna 1 1,897 Inside Transmitter Building Microwave Radio CO PAC 12 TV STL subcarrier audio demodulator Category Total: $112,821 BIA/Kelsey I - 22

43 Category 7 : Satellite Equipment Studio and Office Site 25 S Stockton Street Trenton, Radio Work Room, Room 4155 Microvision GPI panel Fourth Floor Rack Room, Room 4188 Microphase Comm. Inc. MP-2020S satellite demodulator 1 1,448 One-meter Ku-band satellite receiver with dish heaters and weighted fixed mount Microwave Rack Room, Room 6001 Comstream ABR 700 digital demod Comstream ABR 700 digital demod Comstream ABR 700 digital demod Comstream ABR 700 digital demod Satellite System C 4420 downconverter 1 2,064 Satellite System C 4420 downconverter 1 2,064 Comstream ABR 700 digital demod Microvision IF bus selector Microvision GPI panel Category Total: $10,322 BIA/Kelsey I - 23

44 Category 8 : Program/Production Materials and Supplies Studio and Office Site 25 S Stockton Street Trenton, Radio Tape Library, Room 4181 A-line eight-shelf wood tape shelving unit Main Studio, Room 4179 A-line eight-shelf wood tape shelving unit Interview Studio, Room 4178 A-line eight-shelf wood tape shelving unit Metal tape library cart 1 66 Garner Industries MGD3 tape eraser Radio Work Room, Room 4155 A-line eight-shelf wood tape shelving unit Category Total: $1,329 BIA/Kelsey I - 24

45 Category 9 : Furniture and Fixtures Studio and Office Site 25 S Stockton Street Trenton, Main Studio, Room 4179 Track lighting fixture Torchiere lamp 1 25 Upholstered metal swivel armchair Floor protector 1 25 Panasonic 13" color TV receiver 1 25 Interview Studio, Room 4178 Track lighting fixture Folding metal chair 2 46 Upholstered metal swivel chair Formica/metal work table Formica/wood work table 1 32 Floor protector 1 25 Radio Work Room, Room 4155 Two-drawer metal file cabinet (poor) 1 38 Upholstered metal swivel armchair Upholstered metal swivel chair Track lighting fixture Radio Production Studio, Room 4185 Track lighting fixture Torchiere lamp 1 25 Floor protector 1 25 Upholstered metal swivel armchair Upholstered metal swivel chair BIA/Kelsey I - 25

46 Panasonic 13" color TV receiver 1 25 Radio Production Office Miscellaneous furniture and fixtures (in lots) Category Total: $3,346 BIA/Kelsey I - 26

47 Category 10 : Office Equipment Studio and Office Site 25 S Stockton Street Trenton, Interview Studio, Room 4178 Single line telephone handset 5 63 Radio Shack Fone Flasher 1 22 Radio Work Room, Room 4155 HP DeskJet 930C printer 1 44 Radio Production Office Miscellaneous office equipment (in lots) 1 1,393 Category Total: $1,522 BIA/Kelsey I - 27

48 Category 11 : Spare Parts Studio and Office Site 25 S Stockton Street Trenton, Radio Tape Library, Room 4181 Otari MX-5050B reel-to-reel audio tape recorder Miscellaneous electronic equipment (in lots) 1 71 WNJS FM Transmitter Site Berlin Inside Transmitter Building Orban 8200/32 digital audio processor 1 7,422 Orban 8200/32 digital audio processor 1 7,422 BE FX30 FM exciter with 10 watt output 1 1,060 Moseley 6020 STL receiver 1 1,272 Moseley 6000D decoder Gentner remote control system (needs new battery) Crown FM30 exciter with one kilowatt RF power amplifier and two power supplies 1 12,723 BIA/Kelsey I - 28

49 WNJT FM Transmitter Site Grover's Mill Road Trenton, Inside Transmitter Building Orban 8200/U35 audio processor 1 2,969 Moseley DSP6000E2 digital decoder TFT 950 MHz STL transmitter TFT 950 MHz STL receiver TFT subcarrier demodulator Marti SCG-10 subcarrier generator Miscellaneous Harris spare parts (in lots) 1 14 Category Total: $35,933 BIA/Kelsey I - 29

50 EXHIBIT 2 QUALIFICATIONS BIA/Kelsey 20

51 EXHIBIT 2 QUALIFICATIONS Qualifications Of Geoffrey C. Price Geoffrey C. Price is a Vice President for BIA/Kelsey (BIA), a financial consulting firm specializing in the fair market valuations, asset appraisals, strategic analyses, and business plans of broadcast and telecommunications properties. In his current position at BIA, Mr. Price is responsible for the managing and operating of the company s nationwide leading Consulting Group. Mr. Price has been at BIA since 1988 and has appraised hundreds of media and telecommunications properties worth in aggregate in the tens of billions of dollars. As a Vice President with BIA, Mr. Price has been responsible for the preparation of asset appraisals, valuation studies, strategic consulting assignments, and litigation support for clients in the communications and broadcast industries. He has also been responsible at BIA for assisting many publicly traded and privately held broadcast companies with their valuation needs associated with FASB 141/142. In addition, Mr. Price is part of the business development team at BIA and is responsible for the client relationships with many of the largest broadcast companies nationwide. Mr. Price s appraisal and valuation experience is diverse, including reports for firms in the cellular, paging, SMR, cable, print, tower, and broadcast industries. Prior to joining BIA, Mr. Price was employed by ADT Security Systems, Inc. in its Accounting Center located in Alexandria, Virginia. Mr. Price earned his B.S. degree in Finance from Virginia Polytechnic Institute and State University in Blacksburg, Virginia. Mr. Price received his M.B.A. from George Mason University in Fairfax, Virginia. BIA/Kelsey 21

52 Qualifications Qualifications Of Sidney E. Shumate Sidney E. Shumate is the Senior Appraiser and Director of Engineering for the BIA/Kelsey, a financial consulting firm. At BIA/Kelsey, Mr. Shumate is primarily engaged in the appraisal of tangible assets of broadcasting, print, Internet and related media properties, expert witness support, and preparation of business plans and technical evaluation reports. Mr. Shumate received his B.S. degree in Electrical Engineering from West Virginia University Institute of Technology, and received EIT certification in He holds a General Class Radiotelephone Operators License, and a Virginia Contractor s License endorsed for building, electrical, and specialty construction. He is a member and former chapter Chairman of the Institute of Electrical and Electronics Engineers (IEEE), and is also a member and currently serves on the Advisory Committee (ADCOM) of the IEEE Broadcast Technology Society. Mr. Shumate started as an engineer and DJ at WSLW, White Sulphur Springs, WV, in 1973, and later served as Chief Engineer of WMON, while in college. Since receiving his degree he has served at different times as Senior Engineer, Assistant Chief, and, from 1979 to 1995, as Director of Engineering at WVIR-TV in Charlottesville, VA. In between, he was a Senior Engineer at WPGH- TV, Pittsburgh, Pennsylvania, and was Director of Engineering for WAFF-TV in Huntsville, AL, where he was also responsible for WHOS and WDRM-FM in Decatur, AL. In Charlottesville, he relocated the studios to new facilities in 1984, and in 1985, made WVIR-TV the first stereo TV station in VA. In 1992, he upgraded the transmitter facilities to be a fivemegawatt, omnidirectional transmitter site incorporating the largest common-mode TV transmitter built to date. Mr. Shumate attended Thales first IOT-based transmitter school. He also designed and built microwave relay systems, ENG and EFP vans, a news bureau in Staunton, Virginia, and a translator with a special nulling antenna system at Massanutten Peak. Mr. Shumate is also the owner of Blue Ridge Video Services, and, from 1988 to 2006, was also the founder, promoter, builder, original owner, and General Manager of WVGV-TV (now WVNS-TV), BIA/Kelsey 22