The MyNetworkTV affiliate in Troy AL, serving nearby Montgomery, is getting a new ownership group in a cash deal valued at $3M. Southern Venture Capital Group is the buyer.
The station is WRJM-TV, once a UPN affiliate. When UPN and WB merged into CW, WRJM wound up linking with News Corp.’s MNT. According to Wikipedia, it is one of the most distributed signals in the Montgomery AL DMA, reaching some 600K household via area cable systems.
The seller, Josie Park Broadcasting, had filed a Form 316 earlier this year which detailed its default on a Citizen’s Bank loan of $2.9M principle plus interest. The current filing is proof that the search for a buyer that began at that time has come to fruition.
Southern Venture Capital Group is controlled by David Harrison, Kelly Baxter and Dale Folmer.
The buyers have put down $50K in earnest money and will pay cash at closing, An LMA was scheduled to begin 1/19/09.