Another commercial radio station is heading to the non-commercial world, this time in northern Maine. The station is also commanding a sales price that is less than a third of what it sold for last time around. Broker: RadioStationsForSale.net (seller).
The station is WEGP-AM Presque Isle ME.
The seller is Decelles-Smith Media Inc., headed by President Paul E. Decelles.
The buyer is The Presence Radio Network Inc., headed by Chairman/President Craig Foster.
The price is $67,500, $45,000 of which will be paid via two $22.5K payments occurring six and twelve months after closing.
Decelles sold this station to Northern Maine Broadcasting Inc. 8/25/10 for $220K, of which $70K was paid in cash and $150K was to be paid pursuant to terms of a promissory note.
According to an application to return the station to Decelles dated 5/8/14, NMBI still owed $145,416.11 on the note and turned the station back over to Decelles for debt forgiveness.
WEGP-AM is a Class B on 1390 kHz with 25 kW-D, 10 kW-N, DAN.
This will be the buyer’s first AM station, to go along with four FMs located in the Maine communities of North Windham, Bath, Augusta and Corinth.
