A revised option and purchase agreement has been signed that will see an AM radio station and its companion FM translator in Lexington, N.C., go from a husband-and-wife ownership team to a religious broadcast ministry devoted to the teachings of Jesus Christ.
Positive Alternative Radio on August 4 signed the new paperwork, which has been submitted to the FCC for regulatory approval.
The seller is Davidson County Broadcasting Co., led by Greeley and Susan Hilton.
They’re parting ways with WLXN-AM & W291DD in Lexington, N.C.
But, that’s already common knowledge, since the buyer and seller first consummated a deal in December 2021 that included an option to buy the stations at a later today. On July 21, PAR executed its option agreement.
But, “due to the passage of time” since the initial agreement, an amended deal was drafted “to clarify matters involving the parties.”
First, WLXN must remain the primary station for W291DD until December 19, 2022, the four-year anniversary of the FM translator’s operation. After that, the FM translator may be assigned to another primary station.
Second, a $10,000 nonrefundable option execution fee was paid and is credited against the purchase price of $348,368.
The Purchase Price is allocated as follows:
- $171,350 for WLXN
- $28,650 for the Real Property
- $148,368 for W291DD
The buyer’s legal counsel in this transaction is Cary Tepper of Tepper Law Firm. The seller’s legal counsel is Gary Smithwick of Smithwick & Belendiuk.
