Updated at 8:45am Eastern
Retirement has led the President of a privately owned Midwestern radio broadcasting company to sell his six stations. And, he’s found two respective buyers for his holdings, located in small non-rated markets in Indiana and Illinois.
Dave Crooks, the President of DLC Media, Inc., says, “I am ready to slow down and knock more items off my bucket list. It’s been a great ride. I am confident I am leaving the stations, staff, and the communities they serve in good hands.”
Crooks started his radio career at 16 in 1980, and served as the 2016 President of the Board of Directors for the Indiana Broadcasters Association. He’s also a politician, and served as an Indiana State Representative from 1996-2008.
In the first deal to be filed with the FCC, DLC Media is selling WAXI-FM 104.9 in Rockville, Ind., to the northeast of Terre Haute, Ind., and WAKO-AM 910 & FM 103.1 and FM translator companion W257DW at 99.3 MHz in Lawrenceville, Ill., to 3 Towers Broadcasting, operated by Scott Huber and Johnny McCrory.
Huber and McCrory-led 3 Towers boasts portfolio that includes radio stations and digital newspapers across several Indiana locations. Lawrenceville is some 80 miles to the south of Terre Haute, near Vincennes, Ind.
A $1,010,000 purchase price has been agreed to, with an $80,000 deposit made as a downpayment. The remaining $930,000 will be paid via a promissory note, in 84 consecutive monthly payments of $15,000. It carries a 5.9% annual interest rate.
Serving as the buyers’ legal counsel is Seth L. Williams of Fletcher Heald & Hildreth.
In the second deal, which saw paperwork filed with the FCC on April 10, Crooks is selling his remaining three stations — WVIG-FM 105.5 in West Terre Haute, Ind., and WAMB-AM 1130 & WFNB 92.7, plus FM Translators W295CQ at 106.9 MHz and W258BA at 99.5 MHz, in Brazil, Ind., to JKO Media, Inc. for $875,000.
Brazil is a small city to the east of Terre Haute.
The locally owned licensee is led by Joey & Kelsey O’Rourke and owns 105.9 WMMC in Marshall, Ill.
Crooks anticipates closing by May 1.
— With reporting by Cameron Coats, in Nashville
