A Class A FM serving the city of Macomb, Ill., has a new owner.
The transaction is hardly a surprise, however, as the seller has been allowing the buyer to operate the facility, resulting in a change in the non-secular worship and praise programming heard on the station.
WGNX-FM 96.7 in Colchester, Ill., part of the “GNN Radio” Christian Talk & Teaching network, is being sold by Patricia Van Zandt to Good News Radio.
This makes it an O&O property, as GNN Radio had been airing via a programming agreement with Van Zandt.
Formerly, WGNX simulcast programming from WLUJ-FM in Springfield, Ill., also a Christian Talk and Teaching station.
The deal is valued at $140,000, and a $5,000 downpayment has been made to Van Zandt.
At closing, a $10,000 cash payment is to be made. The remaining $125,000 will be honored by a Promissory Note which will see GNN Radio make 83 monthly payments of $1,500, and a final payment of $500.
