The largest locally owned broadcaster in one of the nation’s fastest-growing metros has added a Class A to its stable of stations.
With the purchase, Apex Broadcasting now has a dozen total FM stations across three markets in the South.
In a transaction valued at $325,000, Apex is acquiring WALI-FM 93.7, licensed to Walterboro, S.C. The station’s 6kw signal covers an area to the west of central Charleston, S.C., where Apex owns Variety Hits WAVF-FM 101.7, Country WCKN-FM 92.5, Hot AC WMXZ-FM 95.9, AC WXST-FM 99.7, Hip-Hop FM translator W257BQ “99.3 The Box” and Gospel WSPO-AM “Heaven 1390.”
Charleston is some 50 miles away, and WALI’s 60 dBu contour does not reach the city.
An escrow payment of $16,250 has been made by Apex to attorney John C. Trent, the escrow agent for the seller, Premiere Enterprises.
Terms of the deal include a provision stating that Premiere does not plan to renew its contracts with Westwood One, which expires on Dec. 4; Motor Racing Network (MRN), which ends Dec. 31; Performance Racing Network (PRN), which concludes Jan. 31, 2017; Clemson University, which expires at the end of the 2016-2017 season; and Wade Hampton High School (for football games), on July 31, 2018.
Apex is led by G. Dean Pearce and also includes in its holdings a pair of Hilton Head, S.C. FMs and four FMs in Fort Walton Beach, Fla.
