No we don’t mean to suggest that nobody is interested in the fate of WZEP-AM DeFuniak Springs. We mean there is a promissory note associated with the deal that is interest-free.
The station is a Class D on 1460 kHz with 10 kW-D, 186 W-N, ND. It is in unrated territory on the Florida Panhandle to the northwest of Panama City and the northeast of Fort Walton Beach.
The seller is Walton County Broadcasting Inc., headed by Arthur F. and Martha K. Dees.
The buyer is Jason C. Kyzer’s Kyzer Communications Corporation, WZEP will be his only station.
The price is $330K. We know how some of that is being spent, per the contract. $75K allocated to the station’s building, $40.4K allocated to associated land and $85K allocated to equipment.
Now for the payment package: Kyzer will come up with $150K in cash, and will pay the remaining $180K pursuant to terms of a promissory note. It spells out 10 years of monthly payments of $1.5K each, which covers the entire face value of the note and as far as we’re concerned means it’s an interest-free deal.
