We knew that an FM foursome in Panama City was being sold to Powell Broadcasting. Now we know that brokerage Kalil and Company is holding the escrow deposit, just how big it is, and what the value of the deal is.
The deal is valued at $950K. $175K is in escrow, and the entire amount is due in cash at closing.
The stations included in the deal are:
* CHR WPFM-FM, a Class C1 on 107.9 MHz with 98.5 kW @ 781’
* Adult Hits WASJ-FM, a Class C2 on 105.1 MHz with 50 kW @ 335’
* Country WAKT-FM, a Class C1 on 103.5 MHz with 100 kW @ 423’
* Classic Rock WRBA-FM, a Class C2 on 95.9 MHz with 50 kW @ 282’
All four stations have market-competitive signals.
Seller Double O Radio Corporation, a subsidiary of Pilot Group, has promised it will clear up a pending enforcement issue involving an alleged violation of FCC rules prior to closing.