A non-commercial FM south of Toledo is going from one religious group to another under a contract that will allow the buyer to chip away at the sale price. The station is WNOC-FM CP, licensed to Bowling Green OH.
The seller is Ministry to Catholic Charismatic Revival, headed by Stephen Toth, and the buyer is Our Lady of Guadalupe Radio Inc., which will do business as Annunciation Radio and is headed by Michael Learned Sr.
The price is $30K. Our Lady will plunk $2.5K into escrow. Payments by the buyer for construction and operational costs will count toward the purchase price, and any air time used by the seller will also count toward it. The contract says an hour between 6AM and 11PM is worth $500; and goes for $50 during the remaining overnight hours.
Whatever is left of the purchase price after Our Lady has thus whittled it down will be covered via promissory note.
The CP is for a Class A on 89.7 MHz with 3.8 kw @ 312’.
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