We knew that Radiant Life Ministries was planning to acquire WOAC-TV Canton OH, part of the Cleveland-Akron DMA. Now we know how much it plans to pay. The station, coming from MTB Cleveland Licensee LLC, will cost $7M cash.
Gary W. Coonce is the head of Radiant Life. MTB, which is selling the station on behalf of Arthur Liu’s defaulted Multicultural Television Broadcasting, is headed by trustee Lee W. Shubert.
RLM will plunk down $500K into an escrow account held by brokerage firm Kalil & Co., which handled arrangements in this transaction, and will pay the rest in cash at closing. The station is licensed for Channel 67 analog and Channel 47 digital.
Shubert is acting as trustee for three other Multicultural stations, KCNS-TV San Francisco, WMFP-TV Boston and WRAY-TV Raleigh-Durham. He is also tending to the care and feeding of two other television stations in an unrelated situation, WBMS-TV Jackson MS and WUFX-TV Vicksburg MS.
