Since its launch in 2011, it has served as a simulcast partner of an Adult Hits FM serving Bowling Green, Ky., to the south. Now, Steve Newberry, the accomplished CEO of Quu Inc. known for his prior role as NAB EVP/Industry Affairs and Strategic Planning is selling this home of “SAM FM” in the Bluegrass State.
That said, the owner is a familiar figure.
WKYY-FM 99.1 in Morgantown, Ky., is being spun by Newberry Broadcasting, to Charles M. Anderson.
That’s the individual who leads Commonwealth Broadcasting, which Newberry has had a close relationship with.
And, the sale of WKYY only solidifies its simulcast with Commonwealth-licensed WKLX-FM 100.7 “SAM FM.”
With Mark Lipp of Fletcher, Heald & Hildreth serving as Newberry’s legal counsel in the transaction, Anderson — pending FCC approval — is poised to assume 100% ownership of WKYY.
To accomplish that, Anderson has agreed to pay $200,000 to Newberry, per the terms of a Promissory Note being honored by Newberry.
The Note has an annual interest rate of 6% and monthly payments of $1,866.67 are to be made by Anderson.
Once the deal closes, WKYY will not only be a sibling to WKYY but be a cousin, if you will, to Anderson Communications’ WWKU-AM & WOVO-FM in Bowling Green, Ky. Those stations see 26% ownership interest held by Mr. Anderson.
