Just days after the privately held company saw five key shareholders agree to sell their stock, making the radio station licensee 100% employee-owned, Leighton Media has submitted paperwork with the FCC seeking its approval to add an FM to its radio holdings.
Class A KMGK-FM 107.1 in Glenwood, Minn., serving such small communities as Starbuck, Alexandria, Cyrus and Morris, is being acquired by Leighton from Brainstock Communications.
With Steven Nestor signing off on the documents for Brainstock, as President, terms call for Leighton to acquire KMGK’s intellectual property through Leighton Radio Holdings Inc., while the station’s real estate and associated property is acquired through Leighton Enterprises, Inc., in a combined asset purchase agreement.
A $160,000 purchase price was agreed to, with a $32,000 escrow deposit made to the seller.
The remaining payments are due at closing.
Leighton will get to assume control of KMGK via a LMA on November 1. This expands Leighton Media’s coverage of rural portions of Minnesota west of the Twin Cities, as it operates radio stations in St. Cloud, Winona, Grand Forks, Fergus Falls, Detroit Lakes, Perham and Alexandria, Minn.
Serving as legal counsel in this transaction is John Wells King, Esq.
