The owner of WMET-AM, serving the Washington DC market from its perch in suburban Gaithersburg MD, says it has a letter of intent to buy the station. But at this point the identity of the buyer is undisclosed.
Usually the buyer is known but the sale price goes undisclosed in the early announcement of a transaction, but seller CTM Media Holdings Inc. has stood that unofficial tradition on its head, allowing the buyer to remain a mystery but revealing that the deal is for $4M, to be paid via a combination of cash and promissory note.
CTM said that in connection with the announcement, it is extending an offer to buy back shares of Class A and Class B stock until 12/22/09. The earlier deadline was 12/17/09.
WMET operates on 1160 kHz with 50 kw-D and 1.5 kw-N off of a directional antenna.
The station calls itself World Radio WMET and mixes in Music of Your Life fare with brokered programming. Here is its invitation to potential clients, from its website: “World Radio gives you the opportunity to have your own radio show. You always wanted to have your own show, right? Now is the time — WMET has the opportunity for you. Experience and a broadcasting background is not required. Your passion for your service, your ideas or productive contribution is the key to your successful show.”
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