Updated at 9:20 a.m. Eastern with price and payment details.
In a deal announced Thursday by Kalil & Co., which served as the exclusive broker for this transaction, Spectrum Radio Fairmont LLC is selling its two AMs and two FMs in the Morgantown-Clarksburg-Fairmont, W. Va. to LHTC Media Inc. of West Virginia for $700,000 — but only if the stations’ revenues are greater than $700,000 in 2016, an FCC filing of the purchase agreement shows.
The Buyer is a wholly-owned subsidiary of Laurel Highland Total Communications, a local phone/internet/cable TV services provider headed by Jim Kail. Its other radio stations are comprised of News/Talk WCNS-AM 1480 in Latrobe, Pa., and “PA Talk” WAVL-AM 910 in Apollo, Pa., which is rebroadcast on translator W254CR at 98.7 MHz in Latrobe.
The stations LHTC is acquiring from Spectrum are comprised of:
- Class A WRLF-FM 94.3 in Fairmont, W. Va., known as “94 Rock.”
- Class A WZST-FM 100.9 in Westover, W. Va., known as “Variety 100.9.”
- Class D WMMN-AM 920 in Fairmont, W. Va., which has 1 tower and power of 5 kw/day and 200 watts/night.
- Class C WTCS-AM 1490 in Fairmont, W. Va., which has 1 tower and operates with 1 kw.
As stated in the purchase agreement, should total revenue for the four stations fall below $700,000 for the calendar year, the purchase price will be reduced to $650,000.
An escrow deposit of $100,000 has already been made by Kail’s company.