The seller paper accounts for 75% of the compensation package for the station.
An SDB, for those of you scratching your heads, is a socially disadvantaged business. The FCC has been attempting to craft court-friendly rules to encourage increased participation of SDBs in broadcast license ownership.
The particular aspect of ownership addressed in this deal is female. The buyer is Eagle Broadcasting LLC. Jill Hebert Pol is managing member and holds an 81% stake in Eagle; and Timothy D. Lee holds the remainder.
The price is $800,000. Eagle will pay $200K at closing and draw up a promissory note for the remainder. It will incorporate an interest rate of 5.5%, with 84 monthly payments of $6,511.38 and a final balloon payment of $210,121.18 on the 85th month.
It’s a News-Talker with an all-star lineup of syndicated talkers, including Glenn Beck, Rush Limbaugh, Sean Hannity, Dave Ramsey and Mark Levin.
An LMA has been in place since 7/31/14. The monthly fee is the same $6,511.38 monthly payment Eagle will be making to buy the station, and will mark the beginning of the payments ahead of closing.
This will be Eagle’s only station.