It is against FCC rules to traffic in licenses for low power FM stations. But there is still a way for cash to change hands when a license is doing the same.
The trick is to sell the equipment. That is what is happening with the transfer of WMJB-LP from Florida Community Radio to Angel Ministries of Lake City Inc.
The contract stipulates: The assets to be conveyed consist solely of the Depreciated Fair Market Value of the subject LPFM Radio station’s equipment as provided in Section 47 C.F.R. 73.865 of the FCC LPFM Rules.”
That amount has been specified as $15K, with $2.5K going into escrow in advance of full cash payment at closing.
Signing off on the application were Sylvia Watson for the assignor and Minnie Williams for the assignee.
Lake City is in unrated territory west of Jacksonville, north of Gainesville, east of Tallahassee and close to none of the above.