WRKQ-AM owner and morning man Mike Beverly is selling the station. His Beverly Broadcasting Company LLC will send the Madisonville TN station to Michael S. Powers, who will operate the station under the company name Monroe Community Radio.
The station is a Class D on 1250 kHz, operating with 500 W-D and 84 W-N off of a non-directional antenna. Madisonville is in an unrated portion of southesastern Tennessee, due south of Oak Ridge and southwest of Knoxville.
The price of the station will be $100K, but Powers won’t have to pay it all at once. In fact, the backloaded payment schedule gives him a little breathing room during his first year as owner.
The deal calls for a $1K deposit to Beverly, and a $4K escrow deposit. Powers will come up with an additional $22.5K in cash to be paid at closing.
The promissory note calls for interest-only payments during the first year, amounting to $302 monthly and accumulating to a total of $3,264. Over the next five years, the remainder will be paid off along with 5% interest, coming in payments of $1,368.16 per month and accumulating to a total of $82,089.60.
WRKQ plays Oldies, and its positioner is “Today’s News, Yesterday’s Music.”
