On Nov. 1, 2019, RBR+TVBR was first to report the sale of a pair of FM radio stations to an entity led by Brenda Floyd and James Allgood.
This transaction, which saw Dallas-based Bill Whitley of Media Services Group serve as the broker representing the seller, has just closed.
In a deal valued at $200,000, The Radio Group — wholly owned by Tom D. Gay — is selling Class A KWTG-FM 104.7 in Vidalia, La. and Class C3 KFNV-FM 107.1 “The Bridge” in Ferriday, La.
It marks the first stations to be owned by Misslou Media, headed by Floyd and Allgood.
For Gay, the divestment means a full exit from radio ownership, as he previously sold his other radio properties in the region.
A $10,000 earnest money deposit was made in November. A $10,000 cash payment was made at closing, when the seller agreed to a Promissory Note for $180,000 bearing interest at a rate of 7%. It is to be payable in 240 amortized monthly installments.
Whitley is earning a $8,000 payment for his services, and was paid at closing.
Serving as the legal counsel in this transaction is Larry Perry.
