Price For WFME/N.Y.: $40 Million Plus Westchester FM
October 22, 2012 at 3:57 AM (PT)
The contract for the sale of Religion WFME/NEWARK-NEW YORK to CUMULUS by FAMILY STATIONS shows that CUMULUS is using "RADIO LICENSE HOLDING X, LLC" to buy the station at a price of $40 million plus Country WDVY (simulcast of WDBY (KICKS 105.5))/MOUNT KISCO, NY (WESTCHESTER COUNTY).
The price will increase by $8.5 million if WFME can be moved to within the five boroughs of NEW YORK as a Class A or B1 facility within five years, or by $10 million if it can be moved to the city at a classification higher than Class B1. The deal also includes a provision that if FAMILY STATIONS resells WDVY before an upgrade triggers a payment for WFME, the amount owed by CUMULUS for the upgrade will be reduced by the sale price of WDVY above $1 million.
FAMILY STATIONS will retain the WFME call letters, and CUMULUS will retain the WDVY calls.
In other filings with the FCC, OLIVET NAZARENE UNIVERSITY is selling FM translator W240BJ/CROWN POINT, IN to CALVARY RADIO NETWORK, INC. for $50,000.
TOCCOA FOUNDATION, INC. is selling FM translator W265CL/CLAYTON, GA to TUGART PROPERTIES, LLC for $22,550.
ACADEMY MEDIA INC. has requested an extension of its Silent STA for KBEI/BRUSH, CO due to malfunctioning equipment.
LEN RADIO BROADCASTING OF VIENNA, GEORGIA, LLC has requested a Silent STA for WKTF-A/VIENNA, GA due to financial difficulties.
And REFUGE MEDIA GROUP has closed on the sale of FM translator K240DJ/REDWOOD FALLS, MN to THREE EAGLES OF LUVERNE, INC. for $10,000.