Tiny Light Media Holdings, the smallest publicly traded broadcaster, proudly announced that it has sold off some non-core holdings and used the proceeds to pay off the promissory note on its flagship radio station. The company says that will be reflected in its Q4 balance sheet.
According to FCC filings reported by RBR-TVBR, Light Media acquired WZBN-FM in the Albany, GA market for $250,000, with payment of $150,000 in cash and the remaining $100,000 in a note. The company says it has paid off the three-year note well ahead of schedule and now owns “Power 105.5/The King” free and clear.
“Light Media has examined extensively every move of Beasley Broadcasting, Radio One and Salem Communications for several years, studying their successes and learning from their mistakes. Consequently, two key elements of Light Media’s strategic plan have been to: (1) acquire and integrate key radio/media properties; and (2) not suffocate radio/media assets with mountains of constraining secured debt. As such, Light Media set an objective to quickly pay off the Power 105.5/The King 3-year promissory note balance; and in less than six (6) months following the June 1, 2011 closing of Power 105.5/The King, this zero note balance objective will be reflected in the Light Media 2011 4th Quarter Report,” the company announced on Wednesday (11/30). To pay off the note, Light Media said it divested some real estate and minority ownership stakes in certain digital assets.
“This accomplishment results in Light Media being one of the only publicly-traded conglomerates on the prestigious RBR-TVBR Media Index that owns its platform media assets (radio, TV or digital) free and clear of secured liens,” the announcement proudly proclaimed.
Light Media had recently said it was near a deal on a second FM station, but there’s yet no word on any transaction.
RBR-TVBR observation: This company, which trades on the Pink Sheets, is tiny, but at least its stock is going in the right direction. When we first added it to the RBR-TVBR daily stocks list it was at a nickel per share. It has lately been at eight cents.