Glenwood grabs another in Tri-Cities TN-VA


At the beginning of the year, Glenwood Communications was operating with a television station, three AMs and an FM in the Johnson City-Kingsport-Bristol market along the Tennessee-Virginia border. Since then it has used subsidiaries to strike two separate deals for two additional FMs, including most recently WRZK-FM Colonial Heights TN. In fact, the William Boyd-George DeVault company disclosed an LMA relationship with WRZK-FM during its earlier deal for WVEK-FM, a station which is moving from Cumberland KY to Weber City VA to enter the market. At $270K, WVEK came much cheaper than WRZK-FM will. Its seller, Martha Murray’s Murray Communications will collect $3.65M in exchange for the station, including $1M in cash and a $2.65M promissory note. Glenwood is using Caloosa Television Corporation as the licensee name for WRZK, and Holston Valley Communications for WVEK. Other radio stations in the market include WKPT-AM, WKTP-AM, WOPI-AM & WTFM-FM. There is also a cross-ownership situation, due to the buyer’s ownership of ABC WKPT-TV Channel 19.