Price Revealed For Five Station Billings Deal
April 29, 2009 at 5:37 AM (PT)
The deal's FCC filing reveals the price for the sale of NEW NORTHWEST BROADCASTERS' BILLINGS cluster to departing CEO PETE BENEDETTI's new BENEDETTI MEDIA GROUP (BMG BILLINGS) is $500,000 plus redemption of all of BENEDETTI's stock in NNB. BENEDETTI, who will be redeeming 850,000 Class A Common shares and 8.500 8% Preferred shares, is getting Country KGHL-F (98.5 THE WOLF), Sports KQBL, Top 40 KRSQ (HOT 101.9), Classic Country KGHL-A (THE MIGHTY 790), and Classic Rock KRPM (ROCK 107.5) in the transaction, which includes an LMA before closing.
In another deal filed with the FCC, VOX AM/FM, LLC is selling AC WVTK/PORT HENRY, NY to BURTON K. BARLOW and LORI YOUNG-BARLOW for $550,000.
And in FM translator deals, YOUR CHRISTIAN COMPANION NETWORK, INC. is selling K217EP/FLAGSTAFF, AZ to ST. PAUL BIBLE COLLEGE for $25,000; and GERALD BENAVIDES is selling K226BA/ALICE, TX and K273BL/BEEVILLE, TX to THE WORSHIP CENTER OF KINGSVILLE for $60,000.