WMET-AM, licensed to Gaithersburg MD and serving the Washington DC market, is getting a new owner. Donald Huffines, President of Huffines Media LLC will pay $4M for the 1150 kHz Class B facility.
The seller is Beltway Acquisition Corporation, which in turn is part of CTM Media Holdings Inc. Broker Bill Schutz represented the seller and John Piece the buyer.
Huffines will pay $1.3M cash by closing day and will handle the rest via seller paper. However, if he can come up with $3.6M cash by closing day, he can pay it all then and get a $400K discount on the property.
According to Schutz and Pierce, Huffines will be making his initial foray into radio ownership.
The station he is getting is brokering out time, and its website actively solicits wannabe radio programmers, telling them this is their chance to realize their dream. “World Radio WMET 1160AM is more powerful than any other paid-programming station in the Washington, DC area,” it advertises. “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. World Radio provides the technical and enabling support for you and your program.”
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.