Deals
By BIA Financial Networks -- Broadcasting & Cable, 8/19/2007 8:00:00 PM
TV
KBAK-TV, KBFK-CA/Bakersfield, Calif.
PRICE: $55 million
BUYER: Fisher Communications Inc (Coleen Brown pres./CEO)
SELLER: Westwind Communications (Wayne Lansche, president)
FACILITIES: KBAK-TV: Ch. 29, 1,700.0 kW, ant. 3,734 ft.: KBFK-CA: Ch. 58, 23.80 kW
AFFILIATION: KBAK-TV: CBS; KBFK-CA: FOX
WYLE-TV/Florence, Ala.
PRICE: $1.2 million
BUYER: Lockwood Broadcasting (James Lockwood, Jr, CEO)
SELLER: ETC Communications (Karen Snead, Exec VP/CFO)
FACILITIES: Ch. 26, 550.0 kW, ant. 755 ft.
AFFILIATION: IND
BROKER: Media Services Group
COMMENT: ETC Communications Inc's WYLE to Lockwood Broadcasting's WYLE TV LLC for $1.2M, including a deposit of $100K, $330,500 in cash at closing, $69,576 to Irwin, Campbell & Tannenwald PC and a promissory note in the aggregate amount of $700K.
AMS
WCAP-AM/Lowell (Boston), Mass.
PRICE: $2.66 million
TERMS: Asset sale
BUYER: Merrimack Valley Radio LLC (Clark Smidt, managing member); owns no other stations.
SELLER: Northeast Radio Inc, (Maurice Cohen, president)
FACILITIES: 980 kHz, 5 kW
FORMAT: Nws/Tlk/Spt
COMMENT: Consisting of an escrow deposit of $100K, $2,028,000 cash at closing and a promissory note in the amount of $532K.
FMS
KXTY-FM/Morro Bay (San Luis Obispo), Calif.
PRICE: $1.2 million
TERMS: Asset sale for cash
BUYER: Lazer Broadcasting Corporation (Alfredo Plascencia, president); owns 17 other stations, including KLMM-FM & KLUN-FM/San Luis Obispo.
SELLER: Salisbury Broadcasting Corporation (Charles Salisbury, president)
FACILITIES: 99.7 MHz, 285 Watts, ant. 1,490 ft.
FORMAT: Nws/Tlk/Spt
COMMENT: Lazer Broadcasting Corporation's Lazer Licenses is assuming Mapleton Communications' rights to purchase Salisbury Broadcasting Corporation's KXTY-FM/Morro Bay, CA for the following consideration: $50K plus the amount of interest accrued on the $225K deposited with escrow agent plus assumption of all obligations and liabilities under the purchase agreement, including the $1 million purchase price, plus $150K.
WLRT-AM/Hampton (Norfolk rginia Beach-Newport News), Va.
PRICE: $950,000
TERMS: Asset sale for cash
BUYER: Red Zebra Broadcasting (Bruce Gilbert, president/CEO); owns five other stations, including WXTG-FM/Norfolk-Virginia Beach-Newport News.
SELLER: Hampton Radio II Inc (Cristoforo Russo, president)
FACILITIES: 1490 kHz, 1 kW day/night
FORMAT: Sports
COMMENT: Hampton Radio II Inc's WLRT-AM/Hampton, VA to Red Zebra Broadcasting for $950K, payable in cash at closing. $95K escrow deposit. The parties enter into a LMA to begin simulcasting WXTG's Sports format on August 1, 2007.
KVLL-FM/Wells (Lufkin-Nacogdoches), Tex.
PRICE: $750,000
TERMS: Asset sale for cash
BUYER: Gap Broadcasting LLC (George Laughlin, president); owns 53 other stations, including KSFA-AM, KAFX-FM, KTBQ-FM & KYKS-FM/Lufkin-Nacogdoches.
SELLER: Seeger, Guest &Fort (Edward Seeger, president)
FACILITIES: 94.7 MHz, 50 kW, ant. 384 ft.
FORMAT: Hip Hop
BROKER: American Media Services LLC
Information provided by: BIA Financial Networks' Media Access Pro Chantilly, Va. www.bia.com 703-818-2425
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