Faith Radio Network is turning a rental into an owned-and-operated in a deal that featured a not-so-easy-to-get-out-of LMA.
The station is WFRU-FM Quincy FL, a Class C2 station on 90.1 MHz with 32 kW @ 328’. It serves an area to the northwest of Tallahassee, not quite getting its main contour into the city.
The buyer is Faith Radio Network Inc., headed by Scott Biegle.
The seller is Okaloosa Public Radio Inc., headed by Earl Thompson.
The price: $10K cash.
Faith has been paying $1K monthly plus expenses to LMA the station. What made the LMA unusual was that if Faith pulled out of it for any reason, it would be required to pay Okaloosa $30K, the equivalent of 2 and a half years worth of base rent.