A trio of stations serving the area around Atlanta are being transferred in a cash-free deal. Instead, the transferring party will not have to make good on money owed to the firm getting the stations.
The stations are WLKQ-FM Buford GA, WCHK-AM Canton GA and WNSY-FM Talking Rock GA.
The seller is Davis Broadcasting of Atlanta LLC. Gregory A. Davis signed off on the application.
The buyer is ACM Atlanta V LLC, a subsidiary of Atlanta FM Broadcasting, headed by Jay Meyers. Meyers is part of Adelante Media Group, giving him an attributable interest in numerous broadcast facilities.
This is a debt forgiveness transaction. Davis is said to owe more than $9M to ACM, and it is due now. Davis has until 5/31/15 to pay off the loan in full, in which case the transaction application will be withdrawn. Otherwise, the deal will continue to move forward through normal regulatory channels.
An LMA will begin 6/1/15 if ACM winds up with the stations.
Davis picked up the stations in a pair of deals with a total value of $9,050,000.
The first station to be acquired by Davis was WLKQ-FM. It came from Lake Radio Inc. and was memorialized with a 4/30/03 contract. The price was $5,250,000.
Davis acquired WCHK-AM and WNSY-FM from Cherokee Broadcasting Properties. The contract was dated 11/3/06 and was valued at $3,800,000.
According to the Atlanta BIA report, all three stations use Hispanic formats.
WLKQ-FM is a Class A on 102.3 MHz with 4.2 kW @ 390’. It serves the area northeast of the city, also reaching the urbanized area with outer contours.
WCHK-AM is a Class B on 1290 kHz with 10 kW-D, 500 W-N, DAN. It serves just to the northwest of the urbanized area and gets to Atlanta with secondary contours during the day, but misses it entirely at night.
WNSY-FM is a Class C3 on 100.1 MHz with 7 kW @ 617’. Coverage is northwest of the city. It gets partial coverage of Atlanta with a fringe contour that also makes it to Chattanooga TN in the other direction.
