On the southern tip of the Delmarva Peninsula, serving Pocomoke City, Md., and its city of license, Chincoteague, Va., are a pair of FMs licensed to two entities that until now saw 51% equity ownership held by A. Wray Fitch III, the noted broadcast media attorney associated of late with Gammon & Grange P.A.
The FMs have been operated via a Time Brokerage Agreement through GSB Media.
Now, GSB is poised to become the owner of the stations.
Pending FCC approval, WVES-FM 101.5 in Chincoteague will become owned by GSB.
To accomplish this, Fitch’s 51% equity interest in GSB is rising to 91%, with Elizabeth B. Fitch’s interest in the company reduced from 49% to 9%.
There is no written agreement, and a token $10 is being consummated to effect what is officially a merger between GSB and Jackman Holding Company.
A. Wray Fitch III is also a 49% member, while Elizabeth Fitch is a 51% member, in Sebago Broadcasting Co., licensee of WCTG-FM 96.5 in West Pocomoke, Md.
And, it turns out, a similar shift in ownership stakes is being done with this station, as A. Wray Fitch III will obtain 91% equity interest in a merger of Sebago with GSB, leaving Ms. Fitch with 9% ownership.
WCTG and WVES are simulcast partners, with WCTG serving the Salisbury area and more populous areas of the Eastern Shore of Maryland.
