On June 23, 2012, a locally focused hip-hop format made its debut on a FM translator fed by a small AM radio station serving the Atlanta market.
Today, the facility is core, if you will, to Core Radio Group‘s commitment to the African American community through its “Streetz” brand.
With “Streetz” now also in Charlotte, the entity run by R&B radio veteran Steve Hegwood has formally added the brand to another big market in the South.
Thanks to a deal agreed to on July 15 and filed with the FCC on Friday (8/14), Hegwood’s Core Radio Group is acquiring WXTG-FM 102.1 in Virginia Beach, Va., from Davis Media.
It is a deal that sees a payment of $500,000 — but only if closing occurs by Nov. 30, 2020.
If closing doesn’t come until Dec. 1, 2020 but prior to February 1, 2021, the price is $525,000.
And, if Hegwood can’t close on WXTG until Feb. 2, 2021, or later, the price escalates to $550,000.
The transaction saw Brad Deutsch of Foster Garvey serve as Davis Media’s legal counsel. Representing Hegwood is John C. Trent of Putbrese Hunsacker & Trent.
Operation of WXTG began in mid-July under a Time Brokerage Agreement, and this saw the cessation of a simulcast with WTYD-FM 92.3, located to the north of Newport News, Va. Thus, WXTG became “Streetz 87.7 MHz and 102.1,” effectively simulcasting WMLO-LP 6.
However, with analog service for Channel 6 stations ending in 2021 by law, WXTG is now poised to become the official home for “Streetz” in Hampton Roads.
WXTG joins WMRG-FM 93.5 in Morgan, Ga., and WIPK-FM 94.5 in Calhoun, Ga., as owned stations under Core. It leases its other broadcast facilities.
Interestingly, WXTG was originally WWHV “Hot 102.1,” launched by Hegwood under his previous company, On-Top Communications. That entity was not financially successful, and a bankruptcy sale was seen in 2006 for the station to the former Red Zebra Broadcasting, tied to Washington Football Club owner Daniel Snyder.
