Timothy F. Gallagher’s taking over at WBGX-AM, serving the Chicago market from Harvey IL. He’s taking his ownership stake up from 22% to 100% in a stock deal, most of which is coming from Michael J. Gallagher Sr. Three with minority stakes are also selling to TFG.
The value of the deal is $725K, $33,725 of which has been paid in advance. The remainder is due at closing, with $554,838 going to MJG Sr., and with $45,479 apiece going to Michael J. Gallagher Jr., Catherine Cicela and Molly Margosian.
As a condition of closing, MJG Sr. must be fully released from all personal obligations to National City Bank. On the plus side for him, he is guarnteed health coverage from the radio company going forward, pending his successful application for Medicare coverage.
The station broadcasts a Gospel format from 1570 kHz, with 1 kw-D and 500 w-N.