Bold Broadcasting will become the parent company, or holding company, for a variety of media companies, spanning live events to digital, radio and eventually print, according to 20-year-old Mathew Glaser, president and general manager.
"The vision is to build a network of media opportunities for businesses to integrate with the local community," Glaser said.
No matter how big or small the idea, Glaser said he's motivated to pursue it. "Even if it's as colossal of an idea as buying a radio station and starting to grow a new media company," he said.
On Nov. 1, Glaser and 20-year-old partner Andrew Adams acquired a local East Hampton radio station, WELJ on 104.7FM.
The idea is to offer cross-media and omnichannel marketing and advertising for national and local business in a niche market. "We feel a lot of media conglomerates have become hardliners in staying with their core platforms," he said.
Companies tend to buy a media company and then build out networks in that same media. "They buy one source of media, create a core network and cling to it for dear life," he said. "We want to give brands an opportunity to reach into other media through the same network."
Within the next year, Glaser said Bold plans to acquire a print magazine likely also located on Long Island, despite the view that radio and print are fading.
While MoffettNathanson Research estimates traditional media will see a 6% decline in advertising next year, Glaser and Adams have a vision for the future in which they hope will change brand perception and investments. The research company estimates consumer magazines budgets will fall 3% in 2017.
"East Hampton is such a different market from the rest of the country," he said. "There are several print magazines in the area doing just swimmingly."
The journey began in 2014 when the two formed the Long Island Summer Festival, which brings out about 20,000 people annually to enjoy hot air balloons and music, sponsored by brands such as Sprint, Novak Motors and Macaroni Kid.
Following the acquisition, WELJ on 104.7FM began playing holiday music, but will switch to a new music format the day after Christmas. The station also streams live on welj.com. The station caters to the East End of Long Island.