On Nov. 15, 2014, a dance-heavy CHR/Rhythmic format made its debut on a 2,500-watt Class D daytimer — and 250-watt FM translator partner — licensed to a rural town in the Carolinas.
This arrangement was made possible via a Time Brokerage Agreement with the dance format’s operator, and the stations’ owner.
Now, the TBA is over – and the owner is selling these properties to the TBA partner.
However, as of Jan. 10, the dance tracks have been silenced.
Now on the stations are R&B Oldies.
Also in TRANSACTIONS TODAY: A Kentucky AM is returned to the seller to resolve the intended buyer’s debt obligations; the closing of a Nexstar divestment in Albuquerque is seen, with Kalil & Co. serving as the buyer’s exclusive broker; and a Idaho deal involving two TV properties in consummated.
In a $120,000 transaction, Surge Media – led by Ken Santarelli – has acquired WEGG-AM 710 in Rose Hill, N.C., from Conner Media.
Surge has paid Conner a $5,000 deposit, with the remainder due at closing in this broker-free deal.
As “Surge 100,” Surge Media operated WEGG and translator W263BE, at 100.5 MHz, using a single-wide trailer in the middle of a cow pasture in Rose Hill as its original home base. Concurrent with a headquarters move to Kansas City earlier this month, the dance programming ceased in North Carolina.
VENTURA BROADCASTER GETS IDAHO PAIR
California-based Ventura Broadcasting Co. has acquired a commercial digital television station and a digital low-power broadcast station in Idaho.
The stations, which Ventura is buying from Buckalew Media, are MeTV affiliate KVUI-DT at Channel 31 in Pocatello, Idaho, and KVUT-LD at Channel 48 in Twin Falls, Idaho.
Ventura is paying $575,000 for the stations, and has made a 10% escrow deposit to Hadden & Associates, the official escrow agent.
Doyle Hadden of Florida-based Hadden & Associates also served as the exclusive media broker in the transaction.
While the asset purchase agreement did not break down the cost for the two stations, KVUI was pitched at RadioTVDeals.com with an asking price of $750,000, while KVUT was offered with an asking price of $45,000. KVUI boasts two digital multicast channels,
Thus, Ventura received the stations at a discount from what the seller originally sought.
In other TRANSACTIONS TODAY for Tuesday, Jan. 24:
- Class D daytimer WONS-AM 1080 in Cannonsburg, Ky., which serves the Huntington-Ashland, W. Va-Ky. market, is being returned by Expression Production Group to the station that sold them the station in 2014, Big River Radio. In this broker free deal, Big River is reacquiring what is now a Christian Talk & Teaching station with 1 tower and 1,800 watts of power. The reason involves a Sept. 2014 agreement that saw what was then known as WYHY-AM transfer from Big River to Expression. The deal involved a pair of promissory notes for $110,000, and these remain outstanding with $20,000.08 in accrued debt. Big River is forgiving the debt for the station’s return, resolving all disputes between the two parties. While the paperwork is dated Nov. 28, 2016, it was not filed with the FCC until Jan. 23.
- On Jan. 18 TRANSACTIONS TODAY told you that WUVA Inc., operated by University of Virginia students since 1947, has agreed to sell its WUVA-FM 92.7 in Charlottesville, Va., to Saga Communications. In an FCC filing made Jan. 23, the price of the transaction was revealed to be $1,625,000. A 10% escrow deposit has been made by Saga to WUVA Inc. There was no broker involved in this transaction. Saga is represented by Gary Smithwick of Smithwick & Belendiuk, P.C.
- Ramar Communications has officially closed on its purchase of KASA-27 in Albuquerque from Nexstar Media Group for $2.5 million. KASA is the market’s FOX affiliate, and the deal comes as part of Nexstar’s required divestments in order to complete its merger acquisition of Media General. Kalil & Co. represented Ramar in this transaction.