As the clock turned 10am in Washington, D.C., it became Midnight on Thursday in a commonwealth of the U.S. where Gregorio Kilili Camacho Sablan serves as its non-voting Member of the House of Representatives.
The Northern Mariana Islands, home to Saipan, Tinian and Rota, is home to 9 FM radio stations and one AM station. Among the broadcast media owners is Rex Sorenson, who also has properties in Guam, some 140 miles away. Holonet Corporation is also a licensee, and a change in the ownership structure of an FM in the CNMI is underway.
A conditional stock purchase agreement has been reached that sees Cecilia Lifoifoi and British Virgin Islands-based Hoth Holdings Ltd. sell shares in Holonet to D&B LLC.
D&B are Dave and Bob — David Hood and Robert Webb, to be precise. And, they are the 50/50 partners in DB Media, which is acquiring Class C3 KZMI-FM 103.9 in Garapan-Saipan.
Lifoifoi holds 8,000 shares of Holonet, while Hoth holds 2,000 shares.
Soon, all 10,000 shares will be transferred, pending FCC approval, to DB Media. And, Hood and Webb are paying $195,000 for the FM, at a strike price of $0.19 per share.
The full purchase price is being held in escrow, and Security Title Inc. is serving as the escrow agent.
During the Midnight hour, KZMI was airing ambient music, likely to help those sleep through the night. A national spot for Progressive briefly interrupted the flow. In daylight hours, KZMI airs Adult Contemporary music.
