In the town of Crooksville, Ohio, due east of the state capital, is a Class A facility offering Classic Hits to the Zanesville area.
It’s just been sold, making this station the buyer’s sixth FM station in the Buckeye State.
For $1.4 million, WYBC-FM 107.3 is being transferred to AVC Communications Multimedia Group LLC from Y Bridge Broadcasting and transmitter site owner Martinelli Marketing LLC.
A $75,725 deposit has been made by the buyer. At closing, a $1,154,275 cash payment will be made.
The remaining $170,000 plus 6% interest will be made in one balloon payment some 10 years after the closing date.
The Promissory Note involves a security interest in the proceeds of any future sale of the station as well as the Personal Guaranty of AVC President Joel Losego. Losego is required to obtain a life insurance policy in an amount of at least $170,000, payable to Y Bridge President Monica Martinelli, as further security for repayment of the note.
Serving as the buyer’s legal counsel is Michelle McClure of Fletcher Heald & Hildreth. The seller’s legal counsel is Cary Tepper of Tepper Law Firm.
AVC’s stations are located to the east of Zanesville and include WCMJ-FM 96.7 and WILE-FM 97.7; WBNV-FM 93.5; WWKC-FM 104.9; and WBIK-FM 92.1.
