Tough times are taking a toll on both the commercial and the noncommercial portions of the broadcasting business. One religious group is looking to take a station off the hands of another in a deal which backloads payment of the bulk of the purchase price.
The station is WMJC-FM Richland MI. The Class A on 91.9 MHz serves an area north of Kalamazoo and south of Grand Rapids, although it hasn’t been since 5/26/10, went it received temporary authorization to go silent.
The rapidly-approaching one year anniversary means the station must get back to broadcasting by 5/26/11, and buyer Calvary Radio Network is hoping to do that by making the station a satellite of its WHLP-FM Hanna IN, which serves the Valparaiso IN area about 100 miles to the southwest. It’s requesting an FCC waiver to make that possible.
The seller is Horizon Christian Fellowship.
The price is $75K. $5K goes into escrow, and the rest is covered via promissory note. For the first 24 months, Calvary need only make interest payments on the balance, but on month #25, it will be required to settle the account via one balloon payment.
