When a deal for WGAD-AM Gadsden AL closes, Jeffery A. Beck’s Rainbow City Media will have a three-AM superduopoly on his hands. The seller is The DR Group LLC.
David Hedrick owns DR. According to the contract, the price is $123,141. Beck will pay $23,141 in cash at closing, and will also make a cash payment of $50K to John T. and Elizabeth Ross on behalf of the seller. The remaining $50K will be paid pursuant to terms of a promissory note.
A time brokerage agreement went into effect 6/23/11. Beck will pay the licensee’s monthly expenses up to $2,771,27.
WGAD will be joining a local cluster that already includes WWGC-AM Albertville AL and WJBY-AM Rainbow City AL.