Deal struck for troubled Mobile FM


WAVH-FM Daphne AL was to be sold by debtor-in-possession Barry D. Wood to Cumulus Media, according to a contract filed with the FCC 2/6/03. That deal fell through, and according to a new filing, Styles Media offered to buy the station. Cumulus decided it wanted an opportunity to outbid Styles. That deal fell through as well, with Woods and Cumulus winding up in court. Now Woods, doing business as Baldwin Broadcasting Company Reorganized, has a bankruptcy court-approved deal to sell the station to Donald G. Bigler’s Bigler Broadcasting for 3.6M. The contract stipulates that the court will hold an auction if bidders come forward with a willingness to pay more; that Bigler will receive 3% of the highest bid as a breakup fee plus up to 30K in expenses; and that various amounts of cash will be held in escrow pending resolution of several issues, including the disagreement with Cumulus. Bigler holds no other broadcast licenses.