A quintet of stakeholders are picking up an AM-FM combo in Lisbon, south of the Fargo ND-Moorhead MN market, which will form a double duopoly with an AM and FM already in the portfolio. The stations are KQLX AM-FM.
The seller is Sheyenne Valley Broadcasting Inc., headed by Terry Loomis. It stands to pick up $750K for the stations, with $20K placed into escrow, another $230K coming in cash at closing and the remaining $500K paid via a promissory note. The contract also includes for a non-competition agreement, specifically referring to Cass County ND.
The buyers group is led by J. Scott Hennen, and also includes Ryan D. Rogen, Kevin L. Christianson, Michael J. Hofer and Daniel J. Paulson.
Alreay in the fold for the buyer are WZFG-AM in Dilworth MN and KEGK-FM Wahpeton ND.