One month ago, a consummation notice was posted by the FCC that confirmed Walker Newberry and his Red Sky LLC of Bowling Green, Ky., was now the licensee of a Class D daytime-only AM station serving Franklin, Ky., just south of Bowling Green.
Now, Mr. Newberry, a relative of Commonwealth Broadcasting and QUU head Steve Newberry, is adding a second property to his holdings.
With Robert Silverman of Womble Bond Dickinson as his legal counsel, Newberry is acquiring Class A WWKN-FM 99.1 in Morgantown, Ky., from Newberry Broadcasting.
Sounds odd? Rest assured it is a transaction in the eyes of the FCC, which will need to approve it.
Newberry Broadcasting is an entity led by W Dale Thornhill, as VP. So, even with the Newberry name, it is not Walker Newberry that controls WWKN — yet.
Meanwhile, Thornhill is known as the VP of Commonwealth Broadcasting, the entity controlled by Steve Newberry. However, RBR+TVBR has confirmed that he is not involved in this deal.
The transaction has a $200,000 value. Terms call for a $5,000 cash payment at closing. The remaining $195,000 will be honored via a Promissory Note, payable quarterly with 5% interest after the first 12 months have completed.
