Now that it’s been working on clearing the shelves of FM CP inventory, The Power Foundation may be in the market for some screwdrivers, tape measures and electronic equipment. It’s filed deals for five FM CPs going back to late August.
Power is headed by John R. McClure Jr., Carolyn L. Robinson and Elizabeth K. Wiggins.
The first transaction to hit the FCC was also the priciest. It filed 8/27/10 to pick up WEGN-FM CP Kankakee IL from Cornerstone Community Radio Inc, headed by Richard Van Zandt,. for $50K. That deal included a $15K down payment, $15K cash at closing and a $20K note. In return, Power picked up a Class A destined for 88.7 MHz, with 3 kW @ 164’.
On 9/8/10, it filed two contracts for two different CPs coming from the Corporation for Radio Education Inc., headed by Richard S. Lynn. The stations are WLNQ-FM CP Spring City TN (Class A, 88.5 MHz, 850 W @ -279’) and WRSL-FM CP Wartburg TN (Class A, 90.3 MHz, 550 W @ -47’). In both cases the price is $500, and both contracts call for a consulting agreement with Lynn valued at $9.5K, with $4.5K paid up front followed by $500 a month for 10 months. In both cases, Power has asked for an 18 month extension on the CP to allow it time to get the facilities built.
The #2 deal in terms of cost hit the FCC database 9/9/10. It involves the acquisition of WTMH-FM CP Smithboro IL from Pearl Communications Group, headed by Danny Hester. It’s a $15K cash deal. Again, Power wants an 18-month extension to build the 88.9 MHz Class A facility, with 10 kW @ 164’.
Finally, a deal for WILF-FM CP Monroeville AL was filed 9/10/10. It’s coming from WOW Community Broadcasting Inc., headed by Lawrence Steelman, and the deal is priced at $5,275 cash. The buyer will also reimburse WOW for up to $2.2K in construction and legal costs associated with the facility, a Class C2 on 88.9 MHz with 50 kW @ 164’. This is the only CP of the five in which Power did not ask for a CP extension.
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