In the land of 10,000 lakes, there is a “City of Lakes” located along Interstate 90, not too far north of the Iowa state line. It is here, in Fairmont, Minn., that an AM/FM combo is trading hands.
It’s the RBR+TVBR TRANSACTIONS TODAY top deal for January, 8, 2018.
The stations that are being sold are KSUM-AM 1370 & KFMC-FM 106.5 in Fairmont, and Woodward Broadcasting has agreed to send them to City of Lakes Media for $800,000.
A 10% escrow deposit has been made by the buyer to Woodward. The remainder is due at closing in this broker-free deal.
Serving as the seller’s legal counsel is Cary Tepper of Tepper Law Firm in Bethesda, Md.
KSUM is a Class B licensed for 1kw from 2 daytime towers and 3 nighttime towers. KFMC is a Class C1 100kw facility.
In other TRANSACTIONS TODAY:
- Educational Media Foundation (EMF) is at it again, and this time it is acquiring FM translator K225CA at 92.9 MHz in Del Valle, Tex., from Kevin Youngers. The purchase price is $325,000. EMF already uses the translator for its Christian AC “KLOVE” noncomm network, as its main signal in Austin.
- FCR Broadcasting is selling to Smile FM a FM translator, W242BH, in Marshall, Mich., for $10,000. A 10% escrow deposit has been made to the seller. The translator will rebroadcast WLGH-FM 88.1 in Leroy Township, Mich.
- Centro Cristiano de Vida Eterna is acquiring for $100,000 two FM translators: k225CE in Hillsboro, Tex., and K243BO in Roma, Tex. The seller is Wendolynn Tellez. Payment terms call for the Hispanic religious institution to make 11 monthly payments of $5,000, per a Promissory Note. Then, a balloon payment of $45,000 shall be the final payment installment value. The Note is backed on a personal guarantee by the church’s president, Hector Guevara. K225CE is an affiliate of EMF’s Air1 Christian Top 40 network; K243BO is a translator tied to religious noncom KVMV in McAllen-Brownsville.