Adams Radio filed to buy a Salisbury-Ocean City MD radio sixpack back in September, and another deal was mentioned at the same time. Now it too has been filed with the FCC. Broker: Kalil & Co. (seller).
The second deal was held up in court.
The stations are WJKI-FM Bethany Beach DE, WKDB-FM Laurel DE, WXSH-FM Pocomoke City MD & WZEB-FM Ocean View DE.
Seller Great Scott Broadcasting is headed by President Charles Mott.
The buyer is The Voice Radio LLC, headed by Victor J. Andrade (50%), Silvia I .Short (30%), Edwin G. Andrade (10%) and Eduardo Subia (10%).
The price is $1,700,000 cash.
The contract referred to the court action, saying, “This agreement is entered into as provided for in that certain Settlement Agreement dated February 13, 2015 and in consideration of the dismissal of that certain action in the Delaware Court of Chancery captioned as “Hola Media Network LLC v. Great Scott Broadcasting L.P. and Adams Radio of Delmarva Peninsula LLC, C.A> No, 10471-VCG.”
Edwin J. Andrade signed an August 2010 LMA contract on behalf of Hola Media Network.
The settlement involves WJWL-AM Georgetown DE, which was being LMA’d by Hola but was subsequently sold to Adams. The LMA was modified to exclude WJWL and to include the four stations Andrade’s company is acquiring.
Scott is selling WJWK-AM/WGBG-FM Seaford DE, WJWL-AM/WZBH-FM Georgetown DE, WKHI-FM Fruitland MD and two FM translators to Adams. The total price of the Adams deal, which includes a $100K non-compete, is $3.25M.
Here’s a look at the stations. Formats are from the BIA chart submitted to demonstrate compliance with local ownership caps.
* WKDB-FM is a Class A on 95.3 MHz with 6 kW @ 328’, The AC station serves the Salisbury portion of the market.
* WJKI-FM is a Class A on 103.5 MHz with 1.45 kW @ 479’. A Classic Rocker serves the Ocean City side of the market.
* WXSH-FM is a Class A on 106.1 MHz with 4 kW @ 341’. It serves the area south of Salisbury, which it covers with a secondary contour, using a Spanish/Top 40 format.
* WZEB-FM is a Class A on 101.7 MHz with 3.3 kW @ 446’. The AC outlet just manages to hit both Ocean City and Salisbury, although the primary contour splits rather than encompasses Salisbury.
