Fred Grant’s Northern Maine Media Inc. has a deal to acquire an FM station licensed to Houlton ME, serving an unrated portion of the state near the Canadian border. The station shares an unlikely link with stations in the Miami FL market.
It shares a similar link to this writer – and the link is I-95, the car-infested interstate highway serving the north-south corridor in the eastern part of the United States. Miami is on the southern extremity, this writer once lived almost within shouting distance of the highway in Virginia, and Houlton is at the northern end.
The station is coming from County Communications Inc., headed by David M. Moore.
The price is $375K, all of it paid pursuant to terms of a promissory note. Grant’s license company will pay $2,956.48 per month 60 times, then will be required to come up with a $279,589.09 balloon payment at the end to settle the account. An LMA was set to begin 10/10/11.
The allocation of the $375K was spelled out in some detail in the contract. $119,408 goes for equipment; $50,000 for the license; $36,000 for associated real estate; $10,000 is allocated to a non-compete; and $159,592 is allocated to goodwill.
The station is a Class C3 on 100.1 MHz with 9.6 kW @ 525’.