WHJX-FM Baldwin FL, WSJF-FM St. Augustine Beach FL and WFJO-FM Folkston GA are headed for Jose Pomales’ Family Broadcasting LLC. The seller is Scott Savage, Receiver – yeah, it’s one of those kinds of deals.
Pomales is joined by Andres Jose Rivera and Salvador Campos on the list of FB principals. They’re coming up with $3.6M for the stations which will be paid in full by closing day. $1.6M is earmarked for WHJX, with the other two valued at $1M each.
Pomales commented, “I’m thrilled that Family Broadcasting’s first radio station acquisitions are in Jacksonville, my home market. Many thanks to Zwirn & Company and Mr. Savage for making this dream of station ownership come true for my partners, my family and me. Everyone in our company is looking forward to many years of success and service to the Hispanic community.”
The stations were part of Tama Licenses of Jacksonville, Florida Inc., a group which has been waging a legal war against the troubled Zwirn Company. It is possible that ongoing litigation in the New York State Supreme Court could hold up this transaction. Savage says the Tama’s principals, Glenn Cherry and Charles Cherry, are prohibited by order from interfering with resale of the stations.