Mitten News may sound like a great publication dedicated to the ways one in cold climes can keep their fingers from freezing. However, it’s the name of a broadcast company that has just purchased a pair of AMs in the Petoskey-Traverse City, Mich., market.
Also in TRANSACTIONS TODAY: An independent Class A TV market on the market for years finally finds a buyer, and Emmis completes its Terre Haute, Ind., divestments in deals that saw Kalil & Co. serve as the exclusive broker.
In a deal valued at $700,000, Mitten News — led by John Yob — is acquiring Class D daytimer WJNL-AM 1210 in Kingsley, Mich. and FM simulcast partner W266CS, at 101.1 MHz in Traverse City, Mich. from Stone Communications.
The deal also sees Stone sell to Mitten News Class D directional WJML-AM 1110 in Petoskey, Mich.
WJNL is a 50kw daytimer but has critical hours power of just 2,500 watts. It must sign off at night to protect 50kw Class A WPHT-AM in Philadelphia. W266CS alleviates the problem of lack of nighttime service with a signal covering all of the Traverse City area.
WJML has a 10kw signal during daylight hours but must power down to just 10 watts at night. Its daytime signal stretches from Gaylord in the south to Mackinac Island to the north.
The deal sees Yob’s company make a $50,000 escrow deposit and pay $100,000 in cash at closing. The remainder will be payable via a promissory note valued at $550,000.
The buyer and seller have agreed to split the FCC filing fees and cost of preparing the assignee’s portion of the FCC application for assignment of the licenses as prepared by Fletcher, Heald & Hildreth, which is Stone’s legal representative.
In other TRANSACTIONS TODAY for Wednesday, Feb. 1:
- Kelley Enterprises of Muskegon Inc. has agreed to sell Class A low-power TV station WMKG-49 in Muskegon, Mich., to WMKG LLC for $225,000. The buyer has made a $10,000 escrow deposit to the agent, Koerner & Olender P.C. An additional $90,000 will be paid at closing. The remaining $125,000 will be paid via a promissory note with interest at a rate of 5% per annum, over five years of monthly payments. Additionally, a one-year tower lease agreement has been forged, with WMKG paying Kelley Enterprises monthly rent of $300. There was no broker in this transaction. WMKG has been for sale for more than nine years. In October 2007, Kelley Enterprises put the LP TV station on the market, explaining that he planned to retire. A 2009 transaction dissolved when the intended buyer failed to close on the station. In December 2016, the station was shown as for sale on Craigslist.
- Adams Media of Delmarva Peninsula is selling Class B WGBG-AM 1590 in Ocean City, Md., to WBEY 97.9 LLC for $20,000. WGBG was dark between Dec. 12, 2016 and January 2017 and is presently simulcasting the Country programming found on WBEY-FM in Crisfield, Md., located to the south of Salisbury and Ocean City. Adams acquired WGBG in May 2016 from Bayshore Media.
- Emmis Communications has completed the sale of WTHI-FM 99.9 FM and Intellectual Property of WWVR-FM 105.5 to Midwest Communications for $4.3 million and the sale of WWVR’s facilities, WFNB-FM 92.7, WFNF-AM 1130 and its FM translator W258BA to DLC Media LLC for $865,000. Additionally, DLC has completed its $300,000 acquisition of WDKE-FM in Terre Haute from Midwest – a spin necessitated by FCC ownership limits in the market. Kalil & Co. served as the broker in each of the Emmis deals; there was no broker involved in WDKE’s spinoff to DLC from Midwest.