Deals
By BIA Financial Networks -- Broadcasting & Cable, 2/3/2008 7:00:00 PM
In this story:
TV
RADIO
Information provided by:
TV
WTVE (TV)/Reading, Pa.
PRICE: $13.5 million
BUYER: WRNN-TV (Richard French III, general manager)
SELLER: Reading Broadcasting (George Miller, Ch. 11 trustee)
FACILITIES: Ch. 51, 4,950 kW, ant. 843 ft.
AFFILIATION: Ind.
BROKER: SSG Capital Advisors and David Abraham & Co. LLC
COMMENT: $200K deposit plus $500K escrow deposit; balance payable in cash at closing.
K53EG/Sioux Falls, S.D.
PRICE: $200,000
BUYER: Daystar Television Network (Marcus Lamb, president/CEO)
SELLER: Siouxland Christian Broadcasting (Roy McGreevy, general manager)
FACILITIES: Ch. 53, 8.58 kW, ant. 342 ft.
AFFILIATION: CNI
COMMENT: $10K escrow deposit plus $190K cash at closing. The buyer will immediately provide programming to the station via an LMA.
KQSX-LP (Calif.-Ore.)
PRICE: $6,000
BUYER: Weiss, Randall & Adrienne (Randall Weiss, owner)
SELLER: M.C. Allen Productions (Mark Allen, owner)
FACILITIES: Ch. 42, 0.85 kW
COMMENT: $4,000 good-faith deposit plus $2,000 at closing.
K50JF/Astoria, Ore.
PRICE: $5,000
BUYER: Better Life Television (Robert Heisler, president)
SELLER: National Minority TV (Jane Duff, president)
FACILITIES: Ch. 50, 20 kW
COMMENT: Payable in cash at closing.
RADIO
WFZH-FM/Mukwonago (Milwaukee-Racine), Wis.
PRICE: $8.05 million
TERMS: Asset sale for cash
BUYER: Educational Media Foundation (Mike Novak, president); owns 205 other stations, none in this market
SELLER: Salem Communications (Edward Atsinger III, CEO)
FACILITIES: 105.3 MHz, 2 kW, ant. 633 ft.
FORMAT: Christian Contemp.
COMMENT: $400K escrow deposit; balance payable in cash at closing.
WRRD-AM/Jackson (Milwaukee-Racine), Wis.
PRICE: $3.8 million
TERMS: Asset sale for cash
BUYER: Good Karma Broadcasting LLC (Craig Karmazin, president); owns 10 other stations, including WAUK-AM/Milwaukee-Racine
SELLER: Salem Communications (Edward Atsinger, III, CEO)
FACILITIES: 540 kHz, 400 W day/500 W night
FORMAT: Education/Talk
COMMENT: $190K escrow deposit; balance payable in cash at closing. The buyer LMA'd the station from Jan. 9.
WMEX-FM/Farmington (Portsmouth-Dover-Rochester), N.H.
PRICE: $1 million
TERMS: Asset sale, cash and note
BUYER: Educational Media Foundation (Mike Novak, president); owns 205 other stations, none in this market
SELLER: Jackson Radio Group (Dennis Jackson, owner)
FACILITIES: 106.5 MHz, 3 kW, ant. 486 ft.
FORMAT: Adult Hits
BROKER: Star Media Group
COMMENT: $300K cash at closing, including $50K escrow deposit, plus $700K promissory note.
WQLA-FM/La Follette, Tenn.
PRICE: $850,000
TERMS: Stock sale, cash and note
BUYER: Momentum Broadcasting LLC (Norman Alpert, president/treasurer); owns no other stations
SELLER: Cherokee Communications (Cliff Jennings, owner)
FACILITIES: 104.9 MHz, 2 kW, ant. 499 ft.
FORMAT: Country
BROKER: Bryan McFarland of Henson Media
COMMENT: Momentum Broadcasting is buying the stock of LaFollette Broadcasters, licensee of WQLA-FM/La Follette, Tenn., from Cherokee Communications/Cliff Jennings for $850K. $500K cash at closing, including $42,500 escrow deposit, plus $350K promissory note.
WFEB-AM/Sylacauga, Ala.
PRICE: $184,310
TERMS: Satisfaction of judgment
BUYER: Powers Broadcasting Co. LLC (W.O. Powers, president); owns no other stations
SELLER: Alabama Broadcasting Co. (John Bodiford, receiver)
FACILITIES: 1340 kHz, 1 kW day/night
FORMAT: News/Talk/Sports
COMMENT: Buyer agrees to purchase the assets of the seller and the station, valued at $184,310, from the receiver in exchange for the satisfaction of the judgment indebtedness entered in favor of the buyer.
WSBB-AM/New Smyrna Beach (Daytona Beach), Fla.
PRICE: $125,000
TERMS: Asset sale, cash and note
BUYER: Diegel Communications (Clement Diegel, sole member); owns no other stations
SELLER: Gore-Overgaard Broadcasting (Harold Gore, CEO/treasurer)
FACILITIES: 1230 kHz, 1 kW day/night
FORMAT: Oldies
COMMENT: $6,250 down payment plus $18,750 cash at closing, plus $100K payable over 60 months at 8% interest per annum ($2,027.64 monthly payments).
Information provided by:
BIA Financial Networks' Media Access Pro
Chantilly, Va. www.bia.com 703-818-2425
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