A Class C3 FM serving such Mississippi communities as Winona, Grenada and Greenwood is heading to a new owner.
It’s an electronics company — a 51/49 partnership between two locally based women.
The station heading to buyer Southern Electronics Company is WONA-FM 95.1 in Vaiden, Miss. — a simulcast partner of a co-channel facility in Tupelo, Miss., owned in Southern.
That would be WLEE-FM, which airs Country programming as “95.1 The Farm.”
The seller is Valleydale Broadcasting, led by Paul Reynolds.
Southern Electronics is majority owned by Sharon Kent and minority owned by Susan Benning. Both are based in Winona.
The deal allows the WONA and WLEE to effectively serve the region under single ownership as “The Farm.”
To make it happen, a payment of $124,826 has been struck. Terms call for interest-only payments for the first three months of $520.10, based on a 5% per annum interest rate.
Starting in the fourth month and continuing for 119 additional months, Southern Electronics will pay Valleydale monthly installments of $1,323.10.
There is no broker or finder associated with this transaction.