A Class C2 FM covering a stretch of the Mississippi River from Burlington, Iowa, to Hannibal, Mo., is trading hands.
The seller is one of the biggest buyers of FM stations seen in recent months, and it had acquired the station in January 2016 from Dana Withers for $500,000.
Now, it’s handing it off to a buyer who has a similar mission to the seller, which is selling the station at a loss.
For $125,000, Community Broadcasting Inc. is acquiring KRNQ-FM 96.3 in Keokuk, Iowa from Educational Media Foundation.
As RBR+TVBR reported in January 2016, KRNQ was acquired by EMF from Dana Withers and David Lister for $500,000.
Withers Broadcasters, owned by Dana’s father, W. Russell Withers Jr., provided programming and sales management service to KRNQ under a Time Brokerage Agreement signed in 1999 by Mr. Withers and Lister; Withers passed away in January 2015. The agreement was amended between Lister and Russell’s daughter Dana Withers in 2015.
KRNQ has served the region’s first-generation Hispanic immigrant with religious programming originating from KGCL-FM in Jordan Valley, Ore.—the originating station for the “Radio Nueva Vida” Spanish-language format.
Now, it’s up to the people behind Community Broadcasting — Richard Bott and son Richard Bott II, Sherley Bott and Director Charles Watkins.
The deal calls for $62,500 to be paid at closing, and the remaining funds delivered via a Promissory Note. Terms call for no interest, and monthly payments for a five-year period.
Bill Lytle of Lytle Media LLC is the exclusive broker in this transaction, representing Community Broadcasting.
The buyer’s legal representative is Kathleen Victory of Fletcher, Heald & Hildreth.
The seller’s legal counsel in this transaction is David Oxenford of Wilkinson Barker Knauer.
‘The Call’ Comes To Western Oklahoma
The Call Inc. is a division of Harvest Fellowship Church, and its stations offer a talk and teaching format designed to “educate the listeners with the teaching of the word of God.”
Thanks to a deal valued at $10,000, it can now spread the lord’s word on Class C2 KSYE-FM 88.7 in Carter, Okla.
The seller is Top O’Texas Educational Broadcasting Foundation.
There is no broker associated with this transaction.
