A decade ago, Jeffrey and Mark Schlesinger obtained WBPZ-AM and WSQV-FM in Lock Haven, Pa., to the southwest of Williamsport and northeast of State College.
They must like Happy Valley. A pair of asset purchase agreements have been filed that will give them control of two FMs, an FM translator and an AM serving a region that is home to Penn State University.
In the first of the two APAs, filed together, Magnum Broadcasting, headed by Michael Stapleford, is agreeing to part ways with WBLF-AM 970 in Bellefonte, Pa., and its FM translator W292EZ in Altoona; and WQKK-FM 106.9 in Renovo, Pa.; with its transfer of control to Schlesinger Communications.
The deal is valued at $350,000, and a $15,000 deposit has been delivered, as of March 16.
There is no broker or finder involved in this deal.
Magnum’s legal counsel is Dan J. Alpert.
A second APA reflects the transfer of control of WQCK-FM 105.9 in Philipsburg, Pa., from Magnum to Schlesinger. WQCK has a booster in State College.
The Schlesingers paid a $25,000 deposit to Stapleford. More importantly, they assumed his Promissory Note — amended and restated February 4 — with Clifford Mack.
On or about November 24, 2004, Magnum delivered a Promissory Note in the amount of $1,722,527.08 to Moshannon Valley Broadcasting Network, payable in monthly installments of $20,719.14 at 7% interest.
However, Magnum failed to make timely payments under an amendment agreed upon in September 2011. Moshannon principal Laura Mack, Clifford’s spouse, died in February 2019. Now, Mr. Mack and Mr. Stapleford are resolving their debt with the transfer of WQCK.
The outstanding debt the Schlesingers are taking on: $676,967.22.
But, this will give them three FMs and two AMs across the region — reinforcing their decade-long commitment to radio in this corner of the Keystone State.
