WGES-FM, a Cutler Bay FL station serving the Miami-Fort Lauderdale market, is getting a new owner, but the call letters are staying with the seller, who has another FM station in the same market.
The seller is Genesis Broadcasting Network Corporation, headed by Edwin L. Ortiz. Pedro Garcia-Carrillo’s Calvary Chapel of Kendall Inc. is the buyer.
According to brokers Julio Rumbaut and Mark Jorgenson, both of whom worked with the seller, the price is $2.5M. Per the contract filed with the FCC, $500K will be paid at what is being called the first closing, commemorated with the kick-off of a TBA scheduled to begin 3/1/10. The remainder will be paid at the “FCC closing,” upon getting an official stamp of approval on the transaction.
Genesis also owns WGNK-FM Pennsuco FL, which serves Miami-Ft. Lauderdale. We strongly suspect that the WGES-FM call letters will be moving there – the contract specifies that Calvary will apply for a new set of letters upon obtaining the license.
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Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.