Magnolia NC is on the southwestern edge of the Greenville-New Bern-Jacksonville market, and the prospective owner hopes to make an impact mainly on the latter-named municipality with the DIY FM station it’s filing to acquire.
The station is non-commercial, and is set up to be a Class C3 with 22.5 kw off of a 200’ HAAT stick. It’ll sit at 90.9 MHz.
The buyer is Pathway Christian Academy Inc., headed by T.D. Worthington, and the seller is listed on the application as Down East Communications/CDC/& Center for the Performing Arts.
The CP commands a price tag of $500K, and the compensation package is complex and full of contingencies. The buyers will make a $40K cash deposit, will pay $50K within 10 days of FCC approval of the transaction, and will pay another $40K within 30 days of construction. The remainder will be handled more or less via promissory note.
The buyer will transfer three FM translators to the seller, including W263BE Rose Hill NC, W250AZ Wilson NC and W266AV Jacksonville NC, and they will count as a $125K deduction from the note. If it turns out that the Magnolia CP will not adequately cover Jacksonville, the buyer will hang on to the Jacksonville translator and pay $50K to one of the selling parties. And if the FCC does not allow the buyer a main studio waiver to rebroadcast programming from one of its other stations, $25K will be deducted from the price.
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