That’s the South Carolina Charleston, where Katrina Chase and her Faith Broadcasting Corporation are getting set to claim a third station in as many markets. WLTQ-AM will be Faith’s first foray into Arbitron-rated territory. The seller is Mark Jorgenson’s Indigo Broadcasting Corporation.
Faith will pay $650K for the station, putting $50K in escrow for Jorgenson to claim on closing day, and will finish off the compensation package with a $600K promissory note. An LMA kicks off 7/1/09. The station has been silent with FCC permission since 7/18/08, and must be back on the air by 7/19/09 to avoid the station’s termination.
There is additional upside for Jorgenson on this one. The s730 kHz facility is licensed for 1.1 kw-D and 103 w-N. If it successfully upgrades the daytime power to 5 kw, Jorgenson will earn another $100K. Any upgrade below that will result in a proportional added check — so if Faith ups the day power to 4.5 kw, 10% less than 5 kw, Jorgenson would get the proportional $90K.
This is Faith’s third market. It started with WHFD-FM in Lawrenceville VA and has a deal pending to acquire KTIB-AM Thibodaux LA.