For some 40 years or so, Rob Weaver has been the owner and operator of “J-Country 101” and AM sibling “PG14” in the small town of Portland, Ind.
That’s about to change, as a trio of asset sale agreements have been signed and submitted with the FCC for regulatory approval.
With Noah Hock and Coe Ramsey of Brooks Pierce serving as Weaver’s legal counsel, his WPGW Inc. is agreeing to sell three groups of radio stations.
The first deal sees the sale of WPGW-AM & FM and W287BC in Portland, a community northeast of Muncie and south of Fort Wayne.
The buyer is Mark King, and a stock purchase agreement has been put into place.
And, King is paying $996,873.40 for the radio properties. Terms call for King to wire $100,000 in cash to Weaver, with the remaining amount honored via a Promissory Note at an interest rate of 5% per year.
There is no broker or finder associated with this transaction.
In the second of the three transactions filed with the FCC for its OK, Weaver-led Adams County Radio is spinning WZBD-FM in Berne, Ind., for $343,905.69. A $40,000 deposit has been placed into escrow. The remaining funds will be honored via a Promissory Note.
Lastly, Weaver is selling WZJR-FM in Portland, Ind., from his Jayland Radio Inc. to Mr. King for $55,740.54; a $10,000 deposit has been made. The remaining funds will be honored by a third Promissory Note.
Portland is the seat of Jay County, Ind., and has seen renewed interest as a place to call home in the last 15 years, ending a period of severe population decline seen across the 1980s. The top employer is clutch and clutch component manufacturer FCC, while Tyson maintains a Mexican foods plant in the city of some 6,500 people.
