Key property for radio biz entrants


James Vernon and Dennis Landriault have a deal for a station located right smack in the middle of the Florida Keys. The acquisition of WKYZ-FM at Key Colony Beach will put station #1 into the company portfolio.

The seller is Keys Media Company Inc., headed by James M. Johnson and Robert L. Castellanos. They will retain four AMs and 2 FMs, all in various Florida locations.

The value of the deal is an even $1M. $300K of that will be paid at closing, including the release of a $30K escrow deposit, and the remaining $700K will be paid via promissory note.

The licensee name for the acquiring company is Morgan Logan License Holdings LLC. Verncorp., and Vernon, will hold 75% of it, and Morgan Logan Radio LLC and Landriault will have the remaining 25%.

RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.

Click to purchase “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.