The Mike Novak-led Educational Media Foundation, one of the most prolific buyers of FM stations in recent months, is at it again.
This time, it’s acquiring a Class A facility in Northern Virginia from the man who holds a majority stake in the Washington Redskins.
Meanwhile, a Texas nonprofit has sold a pair of noncommercial FM stations to another Lone Star State noncomm entity, as “NV89” gets a boost in the Silver State’s capital city.
Lastly, Farmworker Educational Radio Network Inc. has closed on its purchase of a station in a deal that saw Kalil & Co. serve as the exclusive broker.
Those are the key deals in RBR + TVBR’s TRANSACTIONS TODAY for Monday, May 15, 2017.
Daniel Snyder’s Red Zebra Broadcasting is paring down his assets. On April 20, TRANSACTIONS TODAY reported that Red Zebra has agreed to sell WXGI-AM 950 in Richmond and WWXT-FM 92.7 in Prince Frederick, Md., to Urban One (the former Radio One) for $2 million.
WWXT has been jointly operated with WWXX-FM 94.3 in Buckland, Va., located in Prince William County, a fast-growing portion of Northern Virginia that has quickly become a significant portion of the Washington, D.C. market.
WWXT and WWXX are presently the FM simulcast partners of Red Zebra’s WTEM-AM “ESPN 980” in Washington, D.C. Although WTEM has 50kw from 2 daytime towers and 5kw from 3 nighttime towers, its signal has been limited in reaching areas such as Warrenton, Va. — home to the RBR+TVBR administrative offices.
That’s set to end: Urban One has already confirmed WWXT will be used to simulcast its Urban AC WMMJ-FM “Majic 102.3.”
Now, WWXX is set to become an affiliate of “KLOVE,” EMF’s Christian AC format, thanks to a $250,000 deal consummated with Red Zebra.
A $12,500 escrow deposit has been placed with WashingtonFirst Bank.
As has been the case with most EMF transactions, its legal counsel is David Oxenford of Wilkinson Barker Knauer. Red Zebra’s legal counsel in this transaction is Wiley Rein LLP.
The exclusive broker in this transaction is Greg Guy of Patrick Communications.
BRAZOS EMBRACES NORTH TEXAS NONCOMM PAIR
For the total purchase price of $450,000, Brazos TV, a Texas non-profit corporation, is acquiring KSQX-FM 89.1 in Springtown, Tex., and KQXS-FM 89.1 in Stephenville, Tex., from CSSI Non-Profit Educational Broadcasting Corp. KQXS is a Class A serving a largely rural area southwest of Fort Worth. KSQX has a Construction Permit for a Class C2 facility with 49kw, serving an area northwest of Fort Worth.
Terms call for Brazos TV to pay a $10,000 escrow deposit, and $190,000 cash at closing. The remainder is to be paid via a Promissory Note, valued at $250,000, bearing 6% interest.
In other TRANSACTIONS TODAY:
- For $50,000, Nevada Public Radio is acquiring unbuilt FM translator K263BL at 100.5 MHz in Carson City, Nev., from American Educational Broadcasting. Terms of the deal call for Nevada Public Radio Buyer to assume all right and obligations under a tower lease agreement dated Nov. 29, 2016, between the seller and Western Inspirational Broadcasters. A 10% escrow deposit has been made by Nevada PR, and the remainder will be paid at closing. Robert Branch of Lynchburg, Va., is the exclusive broker in this transaction, representing AEB. The translator will be used to boost the reach of Class C2 KVNV-FM 89.1 “NV89” in Sun Valley, Nev. That’s the former KJIV-FM, which Nevada PR in November 2016 acquired from Open Sky Radio Corp., led by director Jeff Cotton, for $550,000. KVNV is now airing a Triple A format overseen by Willobee Carlan, a longtime radio industry programmer who began his career as a New York nightclub DJ.
- An amended and restated asset purchase agreement has been submitted with the FCC by Park City Media Group, which is selling low-power TV station K45AX in Park City, Utah, to Deerfield Media and Deerfield Media (Park City) Licensee LLC for $1.75 million. The station caters to outdoors enthusiasts as a promotional vehicle for the ski resort town. A $50,000 escrow deposit has been made through WashingtonFirst Bank.
- Farmworker Educational Radio Network Inc. has closed on its purchase of KMVP-AM 860 in Phoenix from Bonneville International Corp. Kalil & Co. was the exclusive broker in this transaction.