A failed AM station is being sold by a receiver to Nancy Epperson’s Chesapeake-Portsmouth Broadcasting Corporation. Epperson, who is part of the family known for their role in big religious radio group Salem Communications, will be expanding this particular group into the Greenville-Spartanburg SC market.
The station is WPJF-AM, licensed to Greenville. C-P is getting it from Charles W. Emory Jr., Receiver, for $200K, broken down as a $10K deposit, $115K cash at closing and a $75K note. Gospel Fellowship Association is listed on the contract as a secured creditor and the main benefactor of the current transaction.
The station, which is currently silent, is a Class D on 1260 kHz, with 5 kW-D, 15 W-N, ND. It is being sold as is, where is.
The price of the station has diminished greatly over that listed in the most recent prior deal.
The station had previously been acquired by noncommercial Comunidad Cristiana Internacional Asambleas de Dios Inc., headed by Edson dos Santos. It acquired the station as WMUU-AM from WMUU Inc. and the aforementioned GPA. Terms of the 12/21/07 contract called for a total deal value of $550K. $20K of that was in the form of an escrow deposit and $30K was cash at closing, with a $380K loan agreement and a $120K promissory note accounting for the remainder of the price.
