We really wanted to offer a pun connecting how Rumours have become reality, and a Fleetwood is grabbing a ‘ZEP in a deal that will make the station’s GM and staff likely do the Misty Mountain Hop.
But, this is TRANSACTIONS TODAY, so we’ll focus on the Form 314 filing that’s just been made with the FCC. It reflects the sale of a Class D AM in Florida to its GM.
The station being traded is Class D WZEP-AM 1450 in Defuniak Springs, Fla., located on the Florida Panhandle just east of Pensacola.
WZEP’s signal scrapes the Fort Walton Beach-Destin, Fla., market to the south, and largely focuses on Walton County. It also boasts a CP for an FM translator, W296DT at 107.1 MHz.
WZEP and its translator are trading hands, and are being sold to Fleetwood Communications — an entity created by WZEP General Manager Tom Fleetwood and his wife, Lisa, to purchase the station.
WZEP has been owned by Kyzer Communications Corp., as a conduit for Walton County Broadcasting, which in November 2017 filed for bankruptcy protection. As such, the bankruptcy trustee is the signor for the assignee in the Form 314 filing made Wednesday (7/11) with the Commission.
The transaction includes all licenses, permits, equipment and property associated with the station’s offices and studios.
The purchase price is $183,000, with a $5,000 deposit being made to the bankruptcy trustee. At closing, a $45,000 cash payment will be made. Then, a $129,000 Promissory Note will be drafted that assumes the obligations of Kyzer to WCB.
Finally, at closing a $4,000 payment to WCB will be made as reimbursement for fees previously paid.
Closing is to take place following an order by the bankruptcy court overseeing WCB’s case approving the deal.
