Epperson’s Chesapeake-Portsmouth Broadcasting Corporation sold a station to Iglesia Nueva Vida of High Point – and now she’s sending another one its way in the form of a donation.
The station is WRJR-AM Claremont VA. During the day, its 20 kW 670 kHz signal serves the Norfolk-Virginia Beach-Newport News market. At night, when it drops to 3 Watts, it basically serves the very immediate area around its transmitter.
Iglesia Neuva is headed by Javier Fernandez. It’s a non-profit with two AM stations in the Greensboro-Winston Salem-High Point market and another in the Charlotte NC area.
It has a $200K deal with Epperson to acquire WPJF-AM Greenville SC, filed with the FCC 5/14/12. The compensation for that deal is all tied into a promissory note.
In the case of WRJR, it’s a straight-up donation. CPBC will have the station appraised to determine a fair charitable donation claim for tax purposes. For its part, INV agreed to assist in this process in any way that it can, and additionally, it may not sell or donate the station to anything other than another non-profit for a period of three years after closing to protect the integrity of CPBC’s tax claim.
