Here’s a deal that’s finger-lickin’ good — at least for Kentucky-based broadcasters Terry Forcht and Michael Tarter.
Forcht is the owner and Tarter is the President/CEO of Key Broadcasting, and his company has just acquired ‘KFC from one of the most well-known radio industry figures of the last quarter century.
No … it’s not a quick-service restaurant’s local franchise. Still, this deal is all about a Class A operation that is an “Icon” among locals.
In a transaction that sees Melissa G. Repp, Esq. serve as the legal counsel to the seller and John Garziglia serve as the legal counsel of the buyer, WKFC-FM 101.9 in North Corbin, Ky., a 6kw facility that covers the London, Ky., area, is being acquired by Key under the licensee name F.T.G. Broadcasting Inc.
The seller is Radioactive LLC, the Fort Wright, Ky.-based licensee led by Randy Michaels, whose legal name is Benjamin Homel.
Radioactive was the successful bidder at the FCC’s Auction No. 37 for WKFC, with operations starting in March 2008 after receiving the grant to build it in March 2005.
Now, Michaels is spinning WKFC to Forcht and Tarter for $300,000.
The purchase comes as F.T.G. is preparing to file a separate Form 314 form with the FCC that sees it acquiring WYWY-AM & WKKQ-FM in Barbourville, Ky., from Choice Radio Corporation.
WKFC had originally been targeted for sale by Radioactive in October 2009, when Jay Meyers of Broadcast Management and Technology — ahead of his role at Adelante Media Group — brokered a deal that had Lincoln-Garrard Broadcasting Co. execute an LMA-to-buy option. This saw Lincoln-Garrard pay $100,000 for the option, and hand over $660,000 in additional cash.
That never happened, but Lincoln-Garrard continued to LMA the station, today branded as “NASH ICON 101.9” and using the Country Gold branding offered by Cumulus Media. Now, this will cease as Tarter and Forcht take control of the three stations in the London region.
With the WKFC sale, Radioactive LLC’s holdings are reduced to three stations in Kansas, four stations in Michigan, four stations in Upstate New York, and Class A WPBK-FM 102.9 in Crab Orchard, Ky., to the northwest of London and serving Danville.
