The name of the license company attached to a station in upstate New York will not be changing, but the ownership of the company will wind up in the hands of one person.
The station is WLTB-FM Johnson City NY.
The deal is for 75% of GM Broadcasting Inc.
The seller of that percentage of voting shares is Thomas Mollen Sr.
The buyer, who will go from 25% to 100% control, is Steven J. Gilinsky.
Other members of the Mollen family own 75% of the non-voting stock. At the end of the day, Gilinsky will own 100% of both classes.
The price is $250,000 cash.
WLTB-FM is a Class A on 101.7 MHz with 580 W @ 1,024’. The station serves the Binghamton NY market.
The transaction includes W273AB Owego NY.
