Most escrow deposits sit around gathering interest, but in the case of the one that is part of the acquisition of WJUV-FM Cullman AL, it is being put to a more practical use.
WJUV is being sold by Centro Comunitario Juvenil Mahanaim Inc., a non-profit headed by Arturo Gonzales.
The buyer is Divine Word Communications Inc., headed by Gene and Jeaniene Church.
The price for the station will be $50K, with $10K put in escrow, $30K paid in cash at closing and a $10K promissory note all in the compensation package.
According to the contract, CCJM will use the escrow money to close its pending acquisition of KGIO-FM Astoria OR and a related translator.
Meanwhile, back in Alabama, the parties have the option of striking a time brokerage agreement on WJUV pending its closing day.
The station is a Class A on 88.3 MHz with 88 W @ 312’. Cullman is located in unrated territory about halfway between Birmingham (to its south) and Decatur (to its north).
