Culhane Communications Inc. is selling KVHT-FM and KVTK-AM, but Kevin Culhane will still be on the air doing play-by-play for Wayne State College athletic events, and he and Margaret Culhane will also provide consulting services for the new owners throughout 2011.
The stations are licensed to Vermillion SD and serve the unrated Yankton SD market.
They are being acquired by Jeff Fuller’s 5 Star Communications Inc. for $1.775M. Most of that will be paid in cash, with $155K already plunked down as earnest money and another $1.52M due on closing day. The remaining $100K will be in the form of a promissory note tied to the Small Business Administration. It does not require any payment for three years, and there is a standby agreement between buyer and seller in the event it still is not ready to be settled.
The Culhanes will get an additional $38K, payable 4/1/11, in exchange for being available on the phone for consultation purposes throughout the year.
Finally, Kevin Culhane has agreed to do the play-by-play for Wayne State games in a variety of sports, expected to total in 45-50 games. He will be paid $75 per game. This part of the agreement terminates with the end of the school’s basketball schedule for the 2010-2011 season.
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