Travel along Interstate 81 between the Tri-Cities of Tennessee and such Virginia locales as Harrisonburg, and you’ll travel through the Blue Ridge region that’s a key part of the Appalachian Mountains.
And, it is an Eastlan-rated market, last updated just two weeks ago. With local broadcasters dominating, a new Virginia-based licensee has emerged as a station owner, thanks to a deal signed September 3.
David W. Blair is agreeing to part ways with “Y100.5,” the 6kw Class A serving Marion, Va., from Glade Spring with the call letters WZQY.
The buyer is Ladybug Radio, and it is paying $60,000 for the Adult Contemporary FM.
A 10% earnest money deposit has been made. The remainder will be paid in cash, with $45,000 allotted to the tangible property associated with WZQY and $15,000 allotted to the station license.
What is the “tangible property?” It is listed as follows:
Ladybug is led by Candace Bacon, who is based in Johnson City, Tenn.
And, Bacon is getting WZQY only because the entity that originally agreed to purchase it four years ago couldn’t close on the deal.
As RBR+TVBR reported in January 2019, Awaken FM in August 2017 agreed to purchase WZQY from Blair’s HB Radio. The terms of this agreement, which included a promissory note, were met until June 3, 2018, when Awaken FM lost the lease on its tower site; SBA Communications is the owner of the site. This led to an inability to fulfill the obligations of its original financing agreement and note.
As such, Awaken moved forward with a request to cancel the $275,000 transaction, and return WZQY to Blair’s HB Radio.
Now, Blair has a buyer — albeit at a much lower selling price.
