The American Education Foundation has signed off on an asset sale agreement that will see Spoon City Media, a La Porte, Ind., based entity led by Matt Moore, purchase its Class B AM serving Peoria, Ill., along with two associated FM translators.
The transaction, submitted on Friday for FCC regulatory approval, sees Spoon City agreeing to acquire WOAM-AM 1350 in Peoria, Ill., and FM translators W225DC and W298BH in the city.
A $65,000 purchase price will yield the properties to Moore’s group, with a $10,000 deposit made to attorney John C. Trent, Esq.
Serving as the broker on this transaction is Beth Griffin of Griffin Media Partners, representing the seller.
WOAM is a property formerly owned by Kelly Communications, and under that ownership abruptly ceased operations in October 2008 before being sold to Nelson Broadcasting in February 2011.
That entity is led by Larry and Pamela Nelson, who also happen to be officers and directors of the noncommercial American Education Foundation, which would later assume control of WOAM.
— Archival reporting by Carl Marcucci
