Between Memphis and Jackson, Miss., is the city of Greenwood, Miss. Some 17 AM and FM stations serve this city, and among them are an AM-FM combo that’s just been sold.
It’s the first deal of September to be featured in RBR+TVBR’s TRANSACTIONS TODAY.
WGRM-AM 1240 has been on the air since 1937, and at present it’s airing a CHR/Pop format as “All The Hits — Hot 1240.” With no FM translator, that makes WGRM one of the few stations in the world on the AM band airing a contemporary hit music format.
WGRM-AM has 720 watts from 1 tower and a non-directional pattern.
It’s FM sibling is WGRM-FM 93.9, a Class C3 facility airing a Rhythmic Oldies format as “Blazin’ 93.9.”
Both stations are being acquired by Eternity Media Group from Christian Broadcasting of Greenwood for $105,000.
Eternity has been operating WGRM-AM & FM via an LMA since May 14.
A $10,000 deposit has been made by the buyer to Putbrese Hunsaker & Trent P.C., the legal counsel for Christian Broadcasting. Additionally, a $22,500 “red-light payment” has been made — thus satisfying Christian Broadcasting’s outstanding debt to the FCC. The payment is necessary so that a Form 314 and sale of WGRM-AM & FM may proceed.
In addition to the deposit, Eternity is assuming all of Christian Broadcasting’s debt has pertaining to the station tower site previously owned by Virginia Hailey. This amount is approximately $42,000.
The assumption of debt will be added to the purchase price at closing, bringing the total price to $147,000.
Christian Broadcasting is led by executrix Katrina Chase; Eternity is helmed by Donald Pugh Sr.
WGRM-AM & FM joins 5 AMs, four FMs and two FM translators owned by Eternity across the Deep South. Its holdings include WERM-AM in Mobile and WLNO-AM in New Orleans.
