Some four years ago, Jimmy Johnson’s Johnson Broadcast Ventures reached an agreement to sell a Class C radio station serving the city of Roanoke Rapids, N.C.
However, some 17 months after the transaction was consummated, the deal cratered due to the buyer’s default on a Promissory Note agreed upon in order to get the sale in motion.
Now, Johnson has tried again, and has a new asset sale agreement in place for this AM facility.
Agreeing to purchase WCBT-AM 1230 in Roanoke Rapids is Shantae Broadcasting.
This deal, however, is slightly different than the April 2017 transaction that involved Jimmie Bell’s intent to buy WCBT. That’s because FM translator W274AZ, assigned to Class D daytimer WCPS-AM 760 in Tarboro, N.C., is being sold to Shantae too.
The transaction is valued at $41,000. And, all of it is being financed by … a Promissory Note.
There’s additional consideration, which will see Johnson receive at closing 49% of Shantae stock. This will be reduced to 25% once the Promissory Note is paid in full.
However, it shows that Johnson will remain a minority investor in the stations it is now selling.
Shantae Broadcasting is led by Shaunrita Williams, and is based in Brodnax, Va., just over the border from Roanoke Rapids.
