Lee W. Shubert’s Shubert-Atmor Value Enterprise is picking up KVID-FM Sun City West AZ for $100, creating an FM threesome in the Phoenix market. Of course, there is more than meets the eye than the $100 cash cited in this transaction.
Sun City Licenses has been unable to keep up with payments on $14.5M worth of borrowing dating to 6/30/05. The creditor is CIT Lending Services Corporation. According to documents filed with the FCC, the amount still owed on the station is pretty close to the amount originally borrowed.
So Shubert, using licensee name Atmor Properties, will pay the hundred bucks and assume obligations. An LMA will kick in until closing.
Atmor has a 70% stake in Riviera Broadcast Group, which has two FMs in the Phoenix market, KEXX-FM Gilbert AZ and KKFR-FM Mayer AZ.
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