Russell S. Kimble’s M.B. Communications Inc. is selling WFLK-FM Geneva NY to The Finger Lakes Media Group, headed by George W. Kimble and Alan Bishop. The station is peripheral to the Rochester NY market.
The station will pair up with two other stations that bear mention in the Rochester book, one of which is also licensed to Geneva: WGVA-AM. The other is WCGR-AM Canandaigua NY. Finger Lakes says that WFLK will have additional overlap with a pair of FMs that are not considered to be in Rochester: WNYR-FM Waterloo NY and WLLW-FM Seneca Falls NY.
The deal is valued at $450K, which will be handled completely via promissory note. It has an unusual tax clause, which states that if the sale results in a tax liability on the seller’s 2010 returns, proceeds from the note will go toward paying the taxes and a new promissory note will be struck for the balance of the purchase price.
M.B. retains WYLF-AM Penn Yan NY.