Clear Channel will fork over $30M for the iconic AM station. $2.75M has been deposited into an escrow account and the entire amount will be paid in cash at closing.
It will be the first AM in a New York cluster that is already maxed out on the FM side, joining WAXQ, WHTZ, WKTU, WLTW and WWPR.
Clear Channel has other stations in the general area, including on Long Island and in the state of Connecticut which do not carry local ownership cap implications.
The relatively straight-forward contract includes one item that we are starting to see written into such agreements from time to time. Buckley will be entitled to additional cash if it is due any reimbursement relating to royalty overpayment pursuant to the radio industry’s new agreements with ASCAP and BMI, through 12/31/16.