Gary Richardson and his Richardson Broadcasting Corporation already serve the Birmingham AL market with WJLD-AM Fairfield AL. Now this company has a deal to acquire WAYE-AM from the Estate of Levi E. Willis Sr., creating an AM duopoly in the market.
The station is licensed to Christian Broadcastingt of Birmingham. Joseph C. Lindsey signed off on the deal for the Estate.
The price will be $250K, and the payment schedule is weighted on the backside. Richardson will make a $50K down payment and strike a note for the remaining $200K. However, unlike many notes that spread out payments on a relatively even-handed basis, this note doesn’t even kick in until six months after closing, then cycles into a phase that calls for monthly payments of $3K, and finally ends with a balloon payment that will be valued at $150K and change.
An LMA agreement has benefits for both parties – Richardson will be able to program WAYE, and WAYE will move its facilities to Richardson’s property, as soon as permission can be obtained from the FCC.
WAYE has 1 kW-D and 75 W-N on 1220 kHz; WJLD has 1 kW-U on 1440 kHz.
