Flagler County Broadcasting LLC owns and operates WBHQ-FM Beverly Beach FL, which serves the Daytona Beach Arbitron market, coming in from the north. And it has a deal in the works for a CP coming from veteran station owner Tom Joyner.
The station is WPLC-FM CP, licensed to Palm Coast FL.
The buyer is headed by James E. Martin and Gary S. Smithwick.
The seller’s official licensee name is Joyner Radio Inc., and it is selling it for $301K, although Joyner (not to be confused with the famous air personality who goes by the same name) is not expecting to actually wind up with that much money once all the dust has cleared from the deal.
$25K of the purchase price will be placed in escrow, and a letter of credit will be supplied to account for the rest of the price. The fly in the ointment is Joyner’s bidding credit when he acquired the right to build the station in the first place – it was $169,800. The buyer will provide enough cash at closing to cover 75% of that amount, which is defined as $127,350 plus interest, to cover any unjust enrichment charges the FCC may require.
WPLC is licensed to be ca Class A on 98.7 MHz with 6 kW @ 328’. WBHQ is also a Class A, on 92.7 MHz with 5.5 kW @ 341. They are a uniquely pure version of an FM duopoly, with signals that come very close to being duplicates of one another. They do not actually throw a primary signal over Daytona Beach proper, serving the beach area north of Daytona Beach and south of St. Augustine.