A 1kw daytime-only AM radio station with an FM translator serving a small town in North Carolina is seeking the FCC’s approval to give 100% ownership of the facilities to Glasgow Hicks III.
Hicks is presently a 50% equity interest holder in WTXY-AM & W280FO in Whiteville, N.C., as a partner with Jeffrey A. Jones in Audiotraxx Media Partners LLC.
Jones is now selling his half of the company to Hicks.
With Noah Hock of Brooks Pierce serving as legal counsel, paperwork filed in the FCC’s LMS seeks its OK to make that transfer of ownership shares happen. A $45,000 payment to Jones will be made, with a $6,250 deposit made to him by Hicks.
Additionally, Brooks Pierce is holding an escrow deposit of $18,750.
Once that is done, a Promissory Note valued at $20,000 will be executed. The interest rate is hefty, at 14.5% per annum. A total of 36 monthly installment payments will be made by Hicks.
