The seller is Jeff Chang, and the buyer is Bagrat Sargsyan.
The price will be $800K cash. The deal is contingent on successful execution of a CP for a minor modification.
The contract includes a provision assigning risk of “loss, damage or destruction” of the station to the seller prior to closing and to the buyer after closing. We don’t know if that is a consideration with an eye toward possible loss of the allocation during channel repacking, but if so, the timing of the sale would appear to put most of the risk of possible regulatory destruction of the station on the buyer.
But it will affect the seller as well. The contract calls for the leasing of a digital side channel back to the seller after closing, so Chang will still have a presence on the station. But the contract clearly stipulates that it’s a side channel for Chang, with Sargsyan in full control of the station’s primary broadcast stream.