James Vernon and Dennis Landriault have a deal for a station located right smack in the middle of the Florida Keys. The acquisition of WKYZ-FM at Key Colony Beach will put station #1 into the company portfolio.
The seller is Keys Media Company Inc., headed by James M. Johnson and Robert L. Castellanos. They will retain four AMs and 2 FMs, all in various Florida locations.
The value of the deal is an even $1M. $300K of that will be paid at closing, including the release of a $30K escrow deposit, and the remaining $700K will be paid via promissory note.
The licensee name for the acquiring company is Morgan Logan License Holdings LLC. Verncorp., and Vernon, will hold 75% of it, and Morgan Logan Radio LLC and Landriault will have the remaining 25%.
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