Hindlin Broadcasting has been running a Spanish format on WVXX-AM Norfolk VA since 11/1/05. Now, with the exercise of a purchase option, it will move to outright ownership of the facility.
The seller, officially, is Davidson Media Station WXVV Licensee LLC, which in turn is part of Davidson Media Virginia Stations, and ultimately, part of SS Broadcasting Holdings LLC, headed by Felix Perez.
Hindlin, headed by William A. Hindlin, will pay $600K for the Class B 1050 kHz facility. It boasts a 5 kW daytime signal and stays on after dark with 358 watts off a DA2.
The deal includes a non-compete in which Davidson agrees to stay out of the Spanish broadcasting business in the market. Meanwhile, Hindlin will continue to be responsible for a monthly LMA cost of $21.5K, which includes a $17K fee and $4.5K for expense reimbursement.
RBR-TVBR note: If you read this article, chances are you have more than a casual interest in the buying and selling of media properties. Much of what goes into a deal goes into the contract, and knowing what kinds of things should go into the contract can help you make a better deal. RBR-TVBR has just the book for you: a guide to deal-craft that will pay for itself.
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