We know that upstate Pamal Broadcasting was sending its seven Florida interior radio stations to MARC Radio in a deal brokered by Serafin Bros. Inc. broker Glenn Serafin. Now we know how much the buyer is going to pay.
The contract for the transaction has made it to the FCC, and it says the price for the station will be $2.55M. In addition, there is a $300K non-compete built into the deal, bringing the total value to $2.85M. The payment breakdown calls for $250K in escrow, a $1.55M cash payment at closing, the $300K non-compete and a $750K promissory note. The buyers have five years to pay the non-compete off, and it is included in the document memorializing terms of the note.
The stations being sold include Country WDVH-FM and WDVH-FM, Gospel WTMN-AM, Standards WRZN-AM, Rock WHHZ-FM, Hot AC WKZY-FM and Adult Urban WTMG-FM.
Pamal Broadcasting was doing business in the area as Sunshine Broadcasting, and licensed the stations under the name 6 Johnson Road Licenses Inc. The group is headed by James J. Morrell.
According to Serafin, the buyers group includes radio veterans Mike Schweitzer, Bob Longwell, and Tom Hauff. Additionally, Shawn Portmann will be on hand to actually run the cluster.