The seller is Joseph Nappi Jr. as Personal Representative of the Earle T. Kazmark Estate.
The buyer is Spokane Broadcasting Company LLC, owned by Robert and Patricia Fogal. They will be getting an off-air station which will be a standalone in the market. The price will be $450K in a heavily back-loaded deal.
For starters, $400K of the price is in the form of a five-year promissory note. And the note itself is back-loaded, with monthly payments that increase as time goes on.
Here’s how the note breaks down:
Year 1: $4.1K/month
Year 2: $5.2K/month
Year 3: $6.8K/month
Year 4: $8.8K/month
Year 5: $13,372.47/month + payment of any outstanding balance on 5th anniversary of closing.
The station is a Class C3 on 107.1 MHz with 25 kW @ 328’. It makes it to the Spokane municipality, beaming in from the northwest.
The history of this station reads like a Charles Dickens novel.
On November 25, 2002, Barbara Kazmark sold the station to Three Point Media, the Bruce Buzil/Christopher Devine outfit, for $1M, including a $500K note.
In August 2003, First Broadcasting Partners acquired the station from Three Point. That deal was for $1M, $800K of which was considered to be assumption of the note in favor of Barbara and Earle Kazmark.
On November 18 2005, First sold the station to Proactive Communications Inc. for $1.75M, $500K of which was assumption of a note in favor of Barbara and Earle Kazmark.
Next thing you know, the Kazmarks had the station back in a court-ordered, FCC-approved involuntary transfer. And both of them passed away. And the rest is history yet to be made.