Today is the last day “as we know it” for a 1,600-watt Class A FM serving Lynchburg, Va.
A format change is on the way, as a Lease Management Agreement is taking immediate effect following the signing of an asset sale agreement handing this station to a new owner.
WKHF-FM 93.7, licensed to Lynchburg, is being spun by Lynchburg Radio Group.
That’s the umbrella group led by Todd Robinson, with WKHF licensed to “WVJT LLC.”
He’s pocketing $500,000 from the sale of WKHF, to Lynchburg Media Partners.
That’s a newly formed North Carolina-based entity 51% owned by Chuck Marsh, and 24% owned by Rebecca Marsh. Other Marsh family members hold the remaining interest in LMP.
Terms call for a $10,000 non-refundable deposit, with the remaining funds represented via a five-year Promissory Note at a rate of Prime +1 (currently 4.25%). This translates to a monthly payment of $3,686.16, starting three months after closing. Interest only payments will be consummated during the first three months; a balloon payment will come at the end of the payment cycle.
LMP will assume WKHF’s tower lease, while it will sublease two rooms in LRG’s studio for $600 per month.
To give the buyer immediate control of WKHF, an LMA will go into effect Thursday (4/15), with a $2,000 monthly payment plus reimbursement of seller expenses.
Marsh holds attributable interest in Almance Media Partners, licensee of WSML-AM in Graham, N.C., serving the city of Burlington.
WKHF has been a Hot Adult Contemporary station since March 25, 2011. On July 31, 2014, came ownership by Robinson through his $200,000 purchase of WKHF. Both come to an end today.
Via the station’s Facebook page, morning program The MIKE Show invited all to join them for a farewell broadcast. The show’s host, Mike McKendree, will shift to LRG’s “Oldies 103.9/106.9,” continuing in mornings at those properties.
This deal marks the second in six weeks for LRG. In March, Robinson agreed to spin Classic Rocker WZZU “The Planet 97.9” in Lynchburg to Mel Wheeler, Inc., which is paying $330,000 for the FM.
