Buffalo, New York businessman and part-time Key West resident Buddy Shula has agreed in principal with the Spottswood family to purchase WKEY 93.7-FM from their radio holding group, Spottswood Partners II, LTD.
Shula has offered $301,000 for the signal, currently operated under a disco format by California-Based NRG, which also owns Palm Springs radio station KJJZ 100.9 FM.
According to the Federal Register, transfer to Shula is pending approval by the Federal Communications Commission.
In a news release announcing the tentative deal, Shula said the format would be honored under an existing local marketing agreement that extends beyond the finalized purchase.
“Any possible changes will be announced later,” wrote Shula. “I believe the station has strong potential in the future to serve the Lower Keys and specifically Key West with local programming, news, weather and information – along with a music format that best suits the needs and wants of residents and tourists. Local radio is truly vital in Key West and the Lower Keys.”
Shula is no stranger to radio, owning Buffalo’s WECK 1230 AM, which also broadcasts on three different FM translators in the Buffalo area. The station is known for its oldies format and has been ranked the No. 1 oldies station in the country by radio industry groups.
WKEY-FM is a 26,000-watt station in Key West, which first went on air as WKRY on July 15, 1985, as a part of Joel Day’s Key Chain Broadcasting. In 1999, the station changed to its current call sign.
The FM station has also seen its share of owners through the years.
In 2008, Key Radio Group, owned by Marathon businessman Joe Nascone, purchased the station, eventually selling it to Jonathan Smith’s Choice Radio Keys Group in 2016 for $890,000.
Filing for bankruptcy in 2018 due to the impacts from Hurricane Irma, Choice Radio placed its four stations under trusteeship for the benefit of creditors.
Spottswood Partners II, LTD purchased the station in 2020 for $15,000 and a lease cancellation fee of $85,899.
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