When Stonecom Cookeville LLC closes on its acquisition of an AM and three FMs in the Cookeville TN area, it will have one ready-made client on its schedule. However, this client will not be paying cash for the spots it runs – it has incorporated the spots into the compensation package it has put together in selling the stations to Stonecom.
The stations are WATX-AM Algood TN, WBXE-FM Baxter TN, WKXD-FM Monterey TN and WLQK-FM Livingston TN. All are part of the Cookeville TN market, one that was once but no longer is on the roster of Arbitron-rated markets.
The seller is Joe Wilmoth’s JWC Broadcasting.
The total value of the deal is $2.42M – Stonecom, headed by Larry D. Stone, will plunk $125K into escrow, pay an additional $1.975M in cash at closing, strike a note for $200K, and over the course of five years will provide $120K worth of airtime for Wilmoth to use for his Burger King restaurants, his hotel and his other business interests.
Here is a look at what Stonecom has to work with:
* WATX-AM Class D on 1600 kHz with 2.5 kW-D, 20 W-N, ND
* WBXE-FM Class C3 on 93.7 MHz with 6.1 kW @ 659’
* WKXD-FM Class C2 on 106.9 MHz with 23 kW @ 735’
* WLQK-FMClass C2 on 95.9 MHz with 20 kW @ 784’