Educational Media Foundation can’t seem to curb its spending habits, and the noncommercial operator of the Air1 and KLOVE Christian music formats has grabbed an FM it’s been leasing in Central Washington. It’s also just added an FM in the Peachtree State that bears a nickname old-time Top 40 listeners in Atlanta will know.
‘SOUTH SOUND’ GETS ITS LOVE
In a million-dollar deal, EMF – led by CEO Mike Novak – is getting Class C2 KNBQ-FM 98.5 in Central Park, Wash. The seller is Josh Broadcasting, headed by Gregory J. Smith.
A $50,000 escrow deposit has been made to an account Josh set up with WashingtonFirst Bank.
MCH Enterprises served as the broker for Josh.
KNBQ serves an area of Central Washington that includes Centralia and the state capital, Olympia. It will convert to noncommercial status and become a KLOVE network affiliate.
A PEACHY PICK IS ‘QUIXIE’
In a second deal valued at $150,000, EMF is acquiring Class C3 WQXZ-FM 103.9 in the town of Hawkinsville, Ga., from Georgia Eagle Media.
WQXZ serves an area to the south of Macon, Ga., and presently airs a Classic Hits format as “Quixie.” That’s the moniker that the former WQXI-AM & FM in Atlanta used during its Top 40 heyday in the 1960s and 1970s.
A $7,500 escrow deposit has been made by EMF to Georgia Eagle, with the remainder due at closing.
Terms of the deal call for Georgia Eagle to lease back from EMF tower space for its nearby Class A Adult Standards WCEH-FM 98.3 in Pinehurst, Ga. The arrangement would establish a 10-year lease at a rate of $1 per year.
EMF’s legal representative in this transaction is David Oxenford of Wilkinson Barker Knauer LLP.
Eddie Esserman, the Jacksonville, Fla. area director for Media Services Group, represented Georgia Eagle in this transaction.
A change to noncommercial status will occur at closing, with WQXZ taking on EMF’s KLOVE Christian AC format.
In other TRANSACTIONS TODAY:
- Brazos TV Inc. has agreed to sell the construction permit for a new TV station in Moran, Tex., to the north of Abilene. The buyer is Two Way Communications, which is acquiring the facility for $10,000. A 10% good-faith payment has been made by Two Way to Brazos TV.