Christ in You the Hope and Glory Church is a non-profit entity operating WHBS-AM Moultrie GA, serving an unrated portion of Georgia in the general vicinity of Albany. It has filed a deal seeking approval to send it back into the for-profit broadcast world.
The buyer is Lataurus Productions Two LLC. Warren Lee and Robert Willis each hold a 49% interest in the buyer, with the remaining 2% attributable to J.C. Riley. The seller is headed by Franklin Walden Jr.
The price of the station will be $150K. Only $5K of that will be paid upfront – it’s being put into escrow for release to the seller on closing day. The remainder will be paid by promissory note over exactly 158 months. Lataurus will be liable for a $1.5K monthly payment for the first 84 months; will have to come up with $2K/month for months 85-157 and will close the account with a final payment of $1,536.26.
The parties broke down the allocation of the purchase price, with $75K going for the license, $25K for real estate, $25K for tangible property and $25K for goodwill.
WHBS-AM is a Class C on 1400 kHz with 1 kW-U, ND. Its contour covers an area to the southeast of Albany GA
Related licensee Lataurus Productions One owns and operates WHLJ-FM Statesville GA, a Class A on 97.5 MHz with 4.2 kW @ 393’. It serves an area to the southeast of Moultrie, including Valdosta GA. There is no primary contour overlap between the two stations.
