Deals
By BIA Financial Networks -- Broadcasting & Cable, 10/14/2007 8:00:00 PM
TV
WGTQ (TV)/Sault Ste Marie & WGTU (TV)/Traverse City, Mich.
PRICE: $10 million
BUYER: Tucker Broadcasting (Benjamin Tucker, president)
SELLER: Max Media LLC (John Trinder, president)
FACILITIES: WGTQ (TV): Ch. 8, 316 kW, ant. 945 ft.; WGTU (TV): Ch. 29, 1,303 kW, ant. 1,289 ft.
AFFILIATION: WGTQ (TV): ABC; WGTU (TV): ABC
COMMENT: Purchase price to be adjusted by the excess or shortfall of estimated working capital, if any.
WNYN-LP/New York
PRICE: $7.975 million
BUYER: TVC Broadcasting LLC (Jose Ramon Pelegri, president)
SELLER: Island Broadcasting Company (Richard Bogner, partner)
FACILITIES: Ch. 39, 50 kW
AFFILIATION: AZT
BROKER: Media Services Group
COMMENT: A $400K escrow deposit, plus $7.575 million cash.
RADIO
WLIE-AM/Islip (Nassau-Suffolk), N.Y.
PRICE: $12 million
TERMS: Asset sale for cash
BUYER: Principle Broadcasting Network LLC (Charles Banta, chairman); owns three other stations, none in this market
SELLER: Long Island Multi-Media LLC (Stuart Henry, managing member)
FACILITIES: 540 kHz, 4 kW day/175 W night
FORMAT: Chrst/Span
BROKER: Harold Bausemer of The Sales Group
COMMENT: The buyer began providing programming to the station through a LMA effective 01/01/07. Of the purchase price, $11 million will be payable to Long Island MultiMedia for the station assets other than the studio premises, and $1 million will be payable to Deer Park Properties for the studio premises. A $5,000 non-refundable deposit, plus $735,000 escrow deposit, plus $11,260,000 cash will be paid at closing. Additional consideration will be paid for the station upgrade.
WAVH-FM/Daphne (Mobile), Ala.
PRICE: $3.6 million
TERMS: Asset sale for cash
BUYER: Bigler Broadcasting LLC (Donald Bigler, sole member); owns no other stations
SELLER: Baldwin Broadcasting Company (Barry Wood, president)
FACILITIES: 106.5 MHz, 50 kW, ant. 449 ft.
FORMAT: Adult Hits
COMMENT: Less amount of any outstanding balance of principal or interest owed by seller to buyer pursuant to a loan agreement and any amount placed into a reserve to seller and/or to seller's creditors pursuant to the court's modified reorganization plan. A $180,000 escrow deposit.
KYSM-AM/Mankato (Mankato-New Ulm-St. Peter), Minn.
PRICE: $700,000
TERMS: Asset sale for cash
BUYER: Linder Broadcasting Group (John Linder, VP); owns 10 other stations, including KTOE-AM, KDOG-FM, KXAC-FM & KXLP-FM/Mankato-New Ulm-St. Peter
SELLER: Three Eagles Communications Inc. (Gary Buchanan, president/COO)
FACILITIES: 1230 kHz, 1 kW day/night
FORMAT: Sports/Talk
COMMENT: Includes a 50% cash deposit on the day before the effective closing date of the acquisition agreement.
WRFE-FM/Chesterfield, S.C.
PRICE: $500,000
TERMS: Asset sale for cash
BUYER: Baker Family Stations (Edward Baker, president); owns 40 other stations, none in this market
SELLER: Christian Educational Association (Juan Carlos Matos, VP)
FACILITIES: 89.3 MHz, 2 kW, ant. 197 ft.
FORMAT: Variety
COMMENT: Sold for $350K if the station is licensed by the FCC to operate at 1.5 kW (per BLED-20070808ADM) or $500K should the currently pending minor change application (BPED-20070904AAI) be approved prior to closing.
WJRD-AM/Tuscaloosa, Ala.
PRICE: $200,000
TERMS: Asset sale for cash
BUYER: JRD Inc. (James Shaw, president); owns no other stations
SELLER: Citadel Communications (Farid Suleman, chairman/CEO)
FACILITIES: 1150 kHz, 20 kW day/1 kW night
FORMAT: Urban/Talk
COMMENT: Payable in cash at closing with a $20,000 escrow deposit.
KDJF-FM(CP)/Ester, Alaska
PRICE: $173,000
TERMS: Asset sale for cash
BUYER: Tanana Valley Television Company (William St. Pierre, president/GM); owns no other stations
SELLER: Powell Meredith Communications Co. (Amy Meredith, president)
FACILITIES: 93.5 MHz, 100 kW, ant. 1,549 ft.
FORMAT: CP - NOA
BROKER: Montcalm LLC
WLSC-AM/Loris(Myrtle Beach), S.C.
PRICE: $100,000
TERMS: Asset sale for cash
BUYER: Banana Jack Murphy Productions LLC (James Blackmon, managing member); owns no other stations
SELLER: JARC Broadcasting Inc. (Chris Poulos, president)
FACILITIES: 1240 kHz, 1 kW day/night
FORMAT: Full Service
Information provided by: BIA Financial Networks' Media Access Pro Chantilly, Va. www.bia.com 703-818-2425
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