WCMP AM-FM has been sold. The Pine City MN combo is headed for Red Rock Radio Corporation, which is 85% owned a subsidiary of Curtis Squire Inc., which is owned by Myron Kunin and four of his sons. Ro D. Grignon will have the remaining 15% of Red Rock.
The seller, earning 1.6M, is Quarnstrom Media Group, and its head, Alan R. Quarnstrom will be party to non-compete and consulting agreements.
The terms are unique. Instead of the usual cash component of a typical transaction, the buyer will pay off an unspecified amount of existing liability on the combo, and will pay the rest in 40 equal quarterly payments over the next ten years.