Commonly, parties to a broadcast deal will strike a deal that calls for payment at closing, which itself occurs shortly after an FCC final order approving the transaction, and the deal may allow the buyer to operate the station in advance under an LMA.
The deal for WCQT-LP Cullman AL is sort of like that but does not utilize an LMA.
The seller is First Cullman Broadcasting Inc., headed by Michael Hutchens.
The buyer is Alabama Cable Network Inc., headed by President James D. Earley.
The price is $100,000.
In this case, the buyer put down $2,000 and will pay $2,000 per month until FCC approval for the deal is procured. This is a mirror of what often happens in an LMA until closing agreement in which LMA fees apply to the purchase price.
At the closing point, the buyer will have 30 days to pay the balance. Additionally, buyer will park a truck at the buyer-owned tower site which will be used as a studio control room, and will pay $500 a month until closing.
The tower itself is on property owned by the First Baptist Church and the tower is owned by Global Tower Assets LLC. Tower rights will be assigned to the buyer with GTA approval.
WCQT-LP operates on Channel 27. It serves unrated territory to the north of Birmingham.
