In the past 14 months, William Langer Gokey arranged a series of transactions that would ultimately lead to his departure as a radio station licensee in the Michigan market of Petoskey.
Now, Gokey has moved forward with the last of these six deals.
Northern Radio of Petoskey is agreeing to sell WFDX-FM 92.5 in Atlanta, Mich., and FM translator W263CD at 100.3 in Boyne City, Mich.
WFDX is a Class C1 100kw facility that doesn’t reach Traverse City, but can be heard from Cheboygan to Houghton Lake. The translator boosts its Petoskey coverage.
The buyer is William Gleich, and he’s paying $180,000 for the facilities.
A non-refundable deposit of $9,000 has been made to the buyer.
The remainder is being represented by a Promissory Note bearing 4% interest and bearing a five-year term.
Serving as the broker representing Northern Radio in this and the previous five transactions are Greg Guy and Larry Patrick of Patrick Communications. Cumulatively, Northern Radio collected $2,117,000 from the sale of its stations in the Petoskey region.
The deals include the sale of Class C2 Rocker WKLT-FM 97.5 in Kalikaska, Mich., to Ross Biederman-led Northwestern Broadcasting. WFCX-FM 94.3, a Class C2 with 20.5 kw licensed to Leland, Mich. — was sold by Northern to Central Michigan University.
Astute readers may recall that, in September 2016, Northern agreed to sell all of its stations to Jerry and Sheryl Coyne and their Blarney Stone Broadcasting. The transaction was never consummated. As such, they remained with Northern — a division of a family-owned Pepsi-Cola distribution company based in Minot, North Dakota.
