March 2011 is kicking off with some very low-grade station trading. Two deals for FM CPs have been filed for a total of $2, and two commercial stations are moving for almost $500K, but only $5K of that will be paid by closing day.
The biggest deal of the four is for WZOO-AM in Asheboro NC. D.W. Long’s Faith Enterprises is sending the station to RCR of Randolph County Ltd., headed by Frederick R. Keith Jr., for $290,297. $5K of that will be cash, and the rest is debt assumption – the buyer will pick up payments on an existing promissory note.
The other commercial deal sends WQMV-AM Waverly TN from John Mayfield’s C&L Broadcasting Corporation to Dean and Connie Duke’s DCDL Media Inc. The $195,100 price tag will be covered entirely via a new promissory note.
Both CPs are for noncoms. A C3 on 88.1 MHz licensed to Eureka KS is going from Tightrope Broadcasting Inc. to Lightwave Inc. for two – count’ em — two dollars. In one of the most unusual contract planks we have ever seen, the buyer will be relieved of the need to come up with that awesome sum all at once. $1 is being put down as a deposit, with the remaining $1 to be paid at closing.
Finally, an FM CP for a C3 on 91.5 MHz in Freer TX is being donated by New Wine Church of San Antonio to Centro Cristiano Cosecha Final.
So there you have it: Four stations, total consideration of $485,399, with only $5,002 changing hands in the immediate future.
