Not only is this Class C2 featuring a Adult Alternative format shifting to a new owner, but so is a Class C1 sibling that always goes a “Mile” with its Classic Hits presentation.
Meanwhile, there’s another radio deal worth noting on a busy Thursday, and broker Mark Jorgenson is behind this South Carolina noncomm trade.
Just to the west of Breckenridge and the Denver metropolitan area are the world famous ski resorts of Vail and Glenwood Springs, Colo.
That’s where local listeners and tourists alike can tune to KZYR-FM 97.7 in Avon, Colo., a Class C2 Adult Alternative branded as “The Zephyr,” or KKVM-FM 104.7 in Vail, a Class C1 Classic Hits station branded as “The Mile.”
At present, the pair are owned by Cool Radio LLC, headed by Tom Dobrez.
That will soon change, as Dobrez’ company is selling the FMs to Rocky Mountain Radio Group, with majority owner Gary Schwedt and minority owner James Schubert agreeing to pay $1 million for the pair.
The allocation of the purchase price sees KZYR fetching $300,000; KKVM attracting $250,000; and real estate and personal property accounting for $320,000. The remainder is considered “goodwill.”
An escrow deposit of $50,000 has been made to Cool Radio by the buyer. A cash payment of $750,000 will be made at closing, with a $250,000 promissory note at an interest rate of 5% will be executed to consummate the deal. Terms of the promissory note call for payments of principal of interest amortized over 10 years, with a balloon payment due after four years, with no early payment penalty.
Serving as the broker in this transaction is McCoy Media Enterprises, which will be paid $50,000 for its services. The broker payment is being split by the buyer and seller.
The legal counsel for Dobrez’s Cool Radio in this transaction is John Garziglia of Womble Carlyle Sandridge & Rice.
Cool Radio will retain ownership of KSNO-FM in Snowmass Village, Colo., pending any additional transactions the company may undertake.
Also in TRANSACTIONS TODAY:
- Class C1 religious noncomm WBIJ-FM 88.7 “Shine FM” in Saluda, S. Car., just north of Augusta, Ga., has been sold to the Radio Training Network by Richburg Educational Broadcasters for exactly $159,168. The deal was originally announced in mid-August, but with the now-deleted call letters WKMH. Serving as broker in this transaction is Mark Jorgenson. A request for a Main Studio Waiver is included in the Form 314 filing, with WBIJ seeking a simulcast of Class C2 WAFJ-FM 88.3 in Augusta—a station that bears the slogan “Winning Augusta for Jesus.”