Gordon P. Ackley is widely known across the U.S. Virgin Islands for an unsuccessful 2016 write-in campaign as the Republican candidate for a seat in the U.S. House of Representatives. He’s also known as the owner of Ackley Media Group, the operator of three FMs and one AM serving St. Croix, St. Thomas and St. John.
On Sept. 1, he’ll no longer hold any ownership interest in two of those FMs, in addition to an FM translator used to rebroadcast one of the FMs he’s divesting.
It’s the lone deal in RBR+TVBR’s TRANSACTIONS TODAY for Tuesday, Aug. 29.
Listed as the licensee of Class B WVJZ-FM 105.3 MHz in Charlotte Amalie, St. Thomas; its translator, W276CH at 103.1 MHz in Frederiksted, St. Croix; and Class B1 WWKS-FM 96.1 in Charlotte Amalie is GARK LLC.
Ackley is the sole member of GARK LLC, and he’s selling his 100% membership in the LLC to Maggie McBride for $750,000, giving control of the stations and GARK to her. McBride is obtaining a Promissory Note to fund the acquisition.
At closing, McBride and Ackley have agreed to split the accounts receivable balance in half. GARK’s 50% amount will be credited to the seller at closing as an increase in the purchase price.
There was no broker involved in this transaction, which sees John Garziglia of Womble Carlyle Sandridge & Rice LLC serving as legal counsel to Ackley.
Ackley Media will continue to own and operate WIVI-FM 102.1 in Cruz Bay, St. John, and WVWI-AM 1000 in Charlotte Amalie, St. Thomas.
