Since 2005, he’s been the Chairman of a radio broadcasting company comprised of 27 full-power stations and four FM translators in South Dakota, Minnesota, Colorado, Kansas and Nebraska.
Pending FCC approval, Terry Shockley and President/CEO Chris Bernier will be growing its stable by acquiring a collection of stations in Wisconsin.
Armada Media Corporation, under LLC “AMC Partners Rice Lake,” has agreed to purchase the following properties from TKC Inc.:
- WJMC-AM & FM in Rice Lake, Wisc. WJMC-AM is a 1kw Class C facility from 1 tower using W243ED as its FM translator. WJMC-FM 96.1 is a 50kw Country station.
- Class D WAQE-AM 1090 and W299CQ, along with WAQE-FM 97.7 in Barron, Wisc., the latter of which is a Class C3 FM serving Spooner, Wisc., with an Adult Alternative/Hot AC format.
- Class C2 WKFX-FM 99.1 in Rice Lake, Wisc.
The seller is led by majority shareholder Tom Koser, and he’s set to pocket $4,951,000 from the transaction, which involves stations serving a rural area of Wisconsin due north of Eau Claire.
A $100,000 earnest money deposit has been made and is being held by First American Title Insurance Co.
How are Shockley and Bernier financing the transaction, one of the more significant deals of late with respect to dollar value? A $2.15 million payment will be made at closing. Then, a promissory note valued at $2.65 million will be executed. A second promissory note, valued at $151,000, is also being executed.
Serving as the seller’s legal counsel is David Oxenford of Wilkinson Barker Knauer LLP.
Shockley is widely regarded for his role as President and co-founder of the former Shockley Communications, which operated from 1984 through 2001, owning 8 radio stations in Wisconsin and Minnesota.
Bernier has been the head of Armada Media since 2006. For 16 years before that, he formed his own company to operate stations in Waupun, Fond du Lac, Mayville, and Ripon, Wisc.
