Block Island sits in the middle of Long Island Sound, south of the tony town of Newport. In these locales are FM and AM radio stations, respectively, that until now have been owned by 3G Broadcasting of Florida.
Now, a Rhode Island LLC is poised to become the stations’ new licensee.
WADK-AM & W266DI in Newport and Block Island-licensed WMNP “MIXX 99.3” are being sold by 3G to Island Broadcasting of RI LLC.
A $350,000 purchase price has been agreed to by the parties.
A 10% escrow payment was made on the date the deal was executed — August 2.
The remaining payment will be done in a schedule with equal monthly installments of $5,250.
At closing, 3G will deliver to Hampden Communications LLC a Bill of Sale transferring all right, title and interest to the tower located at Rutgers Street in Newport, R.I., and the WADK-AM transmitter located there in consideration of the cancellation of debt owed by 3G to Hampden.
The seller is led by Port St. Joe, Fla.-based Bonnie Gomes, while the buyer’s group is headed by Kurt Jackson.
