Thomas and Cheryl Hodgins are getting their third station and second FM in the triple-header Washington market comprised of Richland, Pasco and Kennewick. KGSG-FM Pasco is coming from Gospel Music Broadcasting Corporation for $650K.
The Hodgins’ company is Alexandra Communications Inc. It already operates KUJ-AM in Walla Walla and KUJJ-FM in Pasco.
This is a rare instance were the deals broker was actually written into the contract as part of the compensation package. Alexandra has advanced the seller $110K, and will finish off the deal with a $500K note. But as the contract stipulates, it will also pay a fee to brokerage MCH Enterprises for services rendered.
Alexandra is shelling out even more cash. The station has been off air pending a relocation, which is being executed on the buyer’s dime.