The Andrulonis family has formally returned to radio ownership in the Carolinas.
Colonial Media and Entertainment, controlled by Jeff Andrulonis, has reacquired Class C WFAY-AM 1230, a 1kw facility with one tower, in Fayetteville, NC; and Fort Bragg-targeted Class C simulcast partner WFBX-AM 1450, in north-suburban Spring Lake, NC; from the Gardner H. Altman Jr.-controlled CRS Radio Holdings.
The deal also includes the stations’ associated translators: W261CX, a Class D 250-watt facility at 100.1 MHz, in Fayetteville; and soon-to-be launched translator W250AQ, coming to 92.5 MHz in Spring Lake. All of the FM translators are held by Altman through Astrakel International Ltd.
In addition to Colonial’s return to Fayetteville, Colonial is purchasing Class D Gospel WMIR-AM 1200 and its associated translator, soon-to-debut W275AH at 103.5 MHz, in Atlantic Beach, SC from Altman’s Cumberland A & A Corporation. WMIR and its translator serve the bustling vacation city of Myrtle Beach, SC.
Colonial is paying a total of $777,641 for the trio of AMs and associated FM translators.
Arrangements call for Colonial to make a nonrefundable $100,000 deposit at the initial closing, regardless of FCC approval or Colonial’s ability to compete the transaction. This occurred August 16.
The remaining balance will be financed at a 10-year term, with an interest rate of Wall Street Journal Prime Rate plus 3%, with a minimum floor of 6% and maximum ceiling of 9%, adjustable annually. As collateral, Jeffrey Andrulonis is assigning his $600,000 term life insurance proceeds to Altman.
Colonial began operating the stations via a time brokerage agreement with Altman in February. It officially marked the company’s return to Fayetteville, as Colonial owned both WFAY and WFBX from 1995 until January 2006, when Norberto Sanchez’s Norsan Media acquired the AMs.
Interesting, WFAY and WFBX were Fayetteville’s ESPN Radio affiliates under Colonial from 2002 through Norsan’s acquisition. ESPN programming returned in April 2008.
Altman’s remaining holdings include WRCS-AM in Ahoskie, NC and WHGM-AM in Havre de Grace, MD.
