The sale of WBPZ-AM and WSNU-FM in Lock Haven PA will be paid in part with cash, and in part via a promissory note, amounting to a 50-50 split in the value of the transaction. What’s interesting is that the city is paying more than lip service to the notion that it wants this transaction to succeed.
The seller of the combo is Lipez Broadcasting Corporation, headed by John and Jeannine Lipez. The buyer is Schlesinger Communications Inc., headed by Jeffrey O. Schlesinger and Mark S. Schlesinger.
The price is $700K. $350K of that is via promissory note, and the other $350K is to be presented at closing. Apparently, local officials want this transaction to go through. $200K is coming from Northwest Savings Bank, $100K is coming from Clinton County Enterprise Zone and – interestingly — $50K is coming from the City of Lock Haven. All three loans are on seven-year terms.
The real estate on East Main Street is not part of the deal, but SCI will have a right of first refusal to acquire it in the event it is eventually sold to a third party.
John Lipez will continue to have a relationship with the station. He will be hired on unspecified terms to broadcast and sell advertising for local sporting events.
RBR-TVBR observation: Lock Haven is in central Pennsylvania, along the West Branch of the Susquehanna River and to the southwest of Williamsport. In the interests of full disclosure, it is also the city in which this writer entered this mortal coil many years ago. We remember it as a very peaceful and pleasant college town which unfortunately we have not had occasion to return to for some time now.