A Class B FM presently offering “refreshing and relaxing music” has been sold to Maine Public Radio, giving it much-improved reception in this part of the state.
The parties contend that the purchase price constitutes a “bargain sale,” and the difference between the fair market value of the station and the sale price will be considered a charitable donation at closing.
In a deal consummated between Pine Tree Broadcasting and Maine Public Radio, AC WRMO-FM 93.7 in Milbridge, Maine, has been sold for $150,000.
WRMO’s signal covers Ellsworth and the vacation town of Bar Harbor.
A good faith deposit of $15,000 has been made to Pine Tree by MPR, with the balance due at closing.
Unique to this deal is the fact that Pine Tree is selling WRMO at a far lower value than what it has been assessed for. As a result, the difference in the assessed price and the sale price will be considered as a charitable donation.
Listeners to WRMO, known as “The Wave,” have also had access to programming via W231CH, at 94.1 MHz in Bangor. It is not known if Pine Tree plans to sell the station; WGUY-AM 1230 in Veazie, Maine is currently shown as the simulcast partner for the translator.
There was no broker involved in this transaction.
In other TRANSACTIONS TODAY:
- Indiana Community Radio Corp. has sold translator W230CR to North American Broadcasting Corp. for a total price of $40,000. With the sale, the translator is moving from Muncie, Ind., to Columbus, Ohio. Once the move is done, it will be used to “revitalize” WMNI-AM 920, a directional Class B offering an Adult Standards format. An escrow payment of $2,000 has been made to ICRC.