Mark W. Jorgenson’s Indigo Radio LLC stands to make a nice stack of bills, and perhaps tack on a tax benefit, when the sale of its WLTQ-AM Charleston SC to non-profit Mediatrix SC LLC in completed.
The buyer is headed by F. Gary Towery. The AM will form a local duopoly with WQIZ-AM, serving the Charleston area from its licensed home in St. George SC. Mediatrix also owns and operates WCKI-AM Greer SC in the Greenville-Spartanburg market and has an FM CP licensed to McCormick SC, in the western portion of the state north of Augusta GA.
The price is $525K. Mediatrix will put down $5K in earnest money, add in a $20K down payment, and pay the remaining $500K in cash at closing.
Additionally, the firm Holt Media Group has been hired to perform a fair market valuation on the station, and if higher than $525K, the difference will be credited to Indigo as a charitable contribution for tax purposes.
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