WEGP-AM Presque Isle ME, which among other things brings the Boston Red Sox and New England Patriots to the USA’s furthermost northeastern corner, is being sold for $220K, but as is often the case these days, there’s more to the deal than that.
First, the outlines: The seller is Decelles-Smith Media Inc., headed by Paul Decelles. Buying the station is Gregory D. McNeil’s Northern Maine Broadcasting Inc.
If you guessed that seller paper was involved in this one, you’d be right. An $$11K escrow deposit and $59K cash at closing account for $70K, and $150K will be in the form of a promissory note.
But it goes on. NMB will lease, not buy, the studio, for six months at the rate of $600/month. And it holds a $45K option to acquire the land, studio and the contents of the studio that will remain in effect until 1/31/11.
If NMB elects not to exercise the option, Decelles is putting the land and studio on the market. If and when it is sold, NMB may acquire the contents of the studio, however, for $1.00.
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.