The changes won’t be apparent to local listeners when Educational Media Foundation takes possession of WWLV-FM Lexington NC – the station even has EMF-style call letters calling attention to its K-LOVE Christian format
That’s because EMF is exercising a purchase option that was tied to a network affiliation agreement.
The noncom religious specialist with a penchant for logging frequent buyer miles is getting the station from Greeley Hilton Jr. and his Davidson County Broadcasting Company Inc.
The price, subject to adjustment, is $10,507,985. $750K was paid at the time the purchase option was agreed to, 3/12/10, and of the remainder, 25% will be paid in cash at closing and 75% will be paid pursuant to terms of a promissory note.
The station is a Class C on 94.1 MHz with 100 kW @ 1,014’. It’s located to the southeast of that market and throws a secondary contour over much of Charlotte.
Hilton will still be able to operate locally in Lexington. EMF is selling FM translator W260BG to his company for $50K, which will be applied to the promissory note.
Mitt Younts of Envest Media, LLC advised the seller in this transaction.
