Family Life Ministries Inc. has a deal to acquire WGMF-FM Dallas PA, which serves the Wilkes Barre-Scranton market. The buyer has three choices on how to pay seller Geos Communications, and will throw in some other assets as well. Family Life is non-profit entity headed by Rick Snavely; Geos is a partnership between Kevin B. Fitzgerald, Benjamin P. Smith and Betty S. Curtin.
For starters, the price is $1M. Family Life will toss $50K into escrow in any case, but after that it’s choices are: Pay off the balance in cash at closing; pay $500K cash at closing and make $150K payments on 12/31/09, 6/30/10 and 12/31/10; or pay $500K cash at closing and pay the balance over six years.
An LMA is scheduled to kick off 7/11/09.
Family Life will also be giving Geos to licenses to two FM translators, W236BB Tunkhannock PA and W290BS Turbotville PA. According to the contract, no equipment is included in the license transfer.
But wait, there’s more. Family Life will donate WCIG-FM Carbondale PA, also in the Wilkes Barre-Scranton area, to a third party, non-profit Telikoja Educational Broadcasting Inc. Telikoja will have to assume a lease, come up with most of its own equipment, and a new set of calls, as the rights to WCIG will remain with Family Life.