Educational Media Foundation is at it again. The religious non-profit spreading the word through Contemporary Christian Music (CCM) networks KLOVE and Air1 has acquired a big Class C3 noncomm in market No. 129.
It’s paying more than $1 million to obtain the station, and it is our lead item of business in RBR+TVBR’s TRANSACTIONS TODAY for Oct. 16, 2017.
For the sum of $1.2 million, EMF is acquiring WCLN-FM 107.3, licensed to Clinton, N.C. The station’s signal reaches the Fayetteville, N.C., market, including Fort Bragg.
At present, WCLN is “Christian 107,” airing a mix of Christian Talk and Teaching and Christian AC programming. Following WCLN’s sale to EMF by Christian Listening Network, the station will embrace the KLOVE network. A main studio waiver request has been made by EMF.
A $60,000 escrow deposit has been made to CLN’s escrow agent, WashingtonFirst Bank, by EMF.
Representing CLN as legal counsel in this transaction is John C. Trent of Putbrese Hunsacker & Trent. As has been the case in all EMF transactions of late, their legal counsel is David Oxenford of Wilkinson Barker Knauer LLP.
CLN notes that WCLN’s programming will soon move to Class C3 WGQR-FM 105.7 in Rennert, N.C. However, that arrangement will not be long-lived, as CLN is also selling this station.
In a separate Form 314 filing made with the FCC on Monday (10/16), the Southern Gospel station serving the southern portion of the Fayetteville, N.C., area is being sold to Grander Vision Media for $950,000.
A $10,000 cash payment is being made to CLN by the buyer, led by Daniel and Dorothy DeBruler. A Promissory Note will be used to make the remaining payment to CLN, with annual interest of 4.5% and one balloon payment.
There is no broker associated with these transactions.
In other TRANSACTIONS TODAY:
- Christian Broadcasting System Ltd. has closed on its purchase of FM Translator W227CW at 93.3 MHz in Lexington, Ky., from Clark Parrish-led noncomm Edgewater Broadcasting. The translator was sold for $79,000 cash at closing. Jonathon R. Yinger of CBSL & Broadcast Properties LLC served as the exclusive broker in this transaction.