Many people across the radio broadcasting industry know George Laughlin for his role as Chief Executive Officer of radio programming syndication company YEA Networks. Laughlin is also the owner of Dallas-based GAP Broadcasting, which is today agreeing to part ways with an AM radio station in the Bayou State.
With Anthony T. Lepore as its legal representative, GAP is signing off on the sale of KTIB-AM in Thibodaux, La., to “POWER 102.1 FM LLC.”
At 640 kHz, KTIB is a Class B with 5kw daytime and 1kw at night, from 3 towers. It enjoys a signal that covers Baton Rouge and New Orleans.
The buyer, with legal representation by John C. Trent of Putbrese, Hunsacker & Trent, is a partnership in which 24% equity interest is held by Jamie Cerrato, Gilberto Cerrato, and Ana Cruz.
Terms call for POWER 102.1 FM to pay $350,000 for the facility. At closing, 10% will have been paid in cash via a deposit already made to Laughlin. The remainder will be honored by a promissory note bearing interest at 5% per annum for the term. The note will be fully amortized over a five-year term, with 60 payments of principal and interest in the sum of $5,944.44 commencing 30 days following the closing, with no pre-payment penalty.
There is no broker or finder associated with this transaction.
