On Feb. 2 RBR + TVBR reported that a contract has been signed and an application has been filed with the FCC that will see the sale of three FM stations in Corpus Christi, Tex., from Convergent Broadcasting II LLC to ICA Radio Ltd.
The sale heralds Convergent’s exit from radio ownership, while ICA adds to a cluster of stations in Odessa-Midland, Tex.
Details regarding these stations’ sale – and the status of their tower – has been revealed in an FCC filing made Monday (2/6).
As previously reported, Kalil & Co. is the exclusive broker in this transaction.
ICA Radio Ltd. Is led by Barry Marks, and his group is acquiring KAJE-FM 107.3 in Ingleside, KKPN-FM 102.3 in Rockport and KPUS-FM 104.5 in Conroy, Texas for $2.48 million.
A $125,000 escrow deposit has been made for the trio; the remainder is due in cash at closing. KKPN is a 50kw facility at 102.3 MHz; KAJE and KPUS each operate with 14kw.
Per an LMA agreement, ICA Radio began operation of the stations on Feb. 1.
Convergent is party to a license agreement with American Tower for a space on a tower owned by the company. As stated in the official terms of the asset purchase agreement, American Tower notified the seller that the tower “may have certain structural defects” and that it intends to replace the tower. The cost of relocating the stations’ equipment to the new tower is being covered by AT. If the relocation does not happen by closing, the purchase price for the three stations will be reduced by $32,000 — but only if a binding agreement to pay part of the costs is not signed between ICA and Convergent and delivered to AT. If there is an agreement, the purchase price will be lowered by an amount equal to the difference of $32,000 and the amount AT intends to pay.
As previously reported, Kalil & Co. is the exclusive broker in this transaction.
In other TRANSACTIONS TODAY for Tuesday, Feb. 7:
- Tarpon Towers II, LLC has closed the $1.25 million purchase of three towers in Southeast Georgia from Georgia Eagle Media. Eddie Esserman of the St. Simons Island, Ga., office of Media Services Group served as the exclusive broker for this transaction.
