The post-Radio Show malaise is in full force, and there’s but a trickle of deals to discuss in TRANSACTIONS TODAY as of late.
In our Weekend Edition, we take you to beautiful Morris County, N.J., where an ethnic AM is being sold to a Hispanic religious entity that is gaining another signal in the New York Tri-State area.
With a signal serving Milford and such towns as West Milford and Hopatcong with a directional signal pointing northwest is Class D WXMC-AM 1310, licensed to Parisippany, N.J., and neighboring Troy Hill.
World India Radio is agreeing to sell the station and its FM translator partner, tiny W232CY at 94.3 MHz, to Cantico Nuevo Ministry.
The value of the transaction? CNM is paying $781,000 to reach this area of Northern New Jersey, which includes Morristown, and has made a $50,000 downpayment with escrow agent EagleBank of Bethesda, Md.
The deal’s structure calls for a $150,000 payment at closing of wired funds. Then, CNM is entering into a Promissory Note for the remaining $581,000, bearing a 6% interest rate and payable in equal monthly installments of $6,450 — with a balloon payment of $328,863 due on the fifth anniversary of the note.
The seller’s broker of record was not disclosed; World India Radio’s legal counsel in this transaction is Cary S. Tepper of Bethesda.
The buyer’s legal counsel is Allan G. Moskowitz, Esq., of Bethesda.
With WXMC, Cantico Nuevo Ministry will now serve the New York City region with Class D WPDI-FM 103.9, with 10 watts, in Hazlet, N.J.; Class D WNYG-AM 1440 in Medford, on Long Island; Class B WLIM-AM 1580 in Patchogue, on Long Island; FM translator W248CG at 97.5 MHz in Jersey City; and FM translators in Medford and nearby Shirley, N.Y.
