In November 2018, Michael James Powell successfully grabbed a Class A FM from Voice Radio LLC of Delaware, for $150,000.
Now, he’s spinning the station to an entity that just agreed to sell its lone property — to none other than the company that Powell bought this FM from some 13 months ago!
In an asset purchase agreement dated Dec. 21, 2019 and posted by the FCC on Thursday (1/23), Powell’s WXSH-FM 106.1 in Pocomoke City, Md., is the station revealed to be heading to a new owner.
With the Commission’s blessing, that will be Vinco Media. That’s the entity led by Vincent Klepac, a longtime owner of radio stations in the region.
A $175,000 purchase price has been agreed to. A $5,000 initial payment was made by Klepac. A second $1,000 payment was due within 40 days of Dec. 21, 2019. The remainder is due in cash at closing.
The one-month wait is best explained by a hand-scrawled note on the signature page of th APA: “This agreement is contingent on the buyer’s finalized sale of WKHI.”
That’s where The Voice Radio Network plays an interesting role in Klepac’s acquisition of WXSH. While Powell is earning $25,000 from the spin of WXSH after 13 months of ownership, Klepac is pocketing $200,000 once he completes the $375,000 spin of WKHI-FM 94.9. This deal was announced Jan. 8.
Thus, when all is said and done, Klepac will own WXSH, once owned by The Voice Radio Network, and The Voice will own Klepac’s WKHI.
