WMET Sold For $4 Million
February 25, 2010 at 4:24 AM (PT)
CTM MEDIA HOLDINGS is selling Brokered WMET-A/GAITHERSBURG, MD-WASHINGTON to HUFFINES MEDIA, LLC for $4 million ($1.3 million in cash and the remainder in a promissory note or cash at closing). Closing for the deal, which has not yet been filed with the FCC, is expected in CTM's fourth fiscal quarter. CTM also announced a dividend of $0.25 per share to holders of CTM Class A, Class B and Class C common stock payable MARCH 15th to stockholders of record as of MARCH 8th.
"The sale of WMET shows that management is committed to taking the steps necessary to create value for our shareholders," said CTM Chairman HOWARD JONAS. "We are also demonstrating that we do not intend to retain cash beyond our foreseeable needs unless we have a firm plan for deploying that cash and generating returns."
"WMET has not been profitable for CTM and we believe that this sale is in the best interest of the company and our shareholders," added CEO MARC KNOLLER. "We continue to streamline operations to operate our core businesses efficiently and seek opportunities to expand by adding volume and complementary offerings."
WHBK License Transferred To Manager
In another transaction, this one filed with the Commission, SOUTHERN BROADCASTING, INC. is transferring the license of Gospel WHBK-A/MARSHALL, NC to SEAY BROADCASTING, INC. SEAY has been operating the station under a time brokerage agreement since MARCH 2009 and its principal, RICKY SEAY, is a longtime employee of the station. The application to the FCC for the transfer notes that the licensee has not maintained the studios with at least one management-level and one staff-level employee as required by the rules, but submits that SEAY is in practicality a representative of the licensee after working for the station for 19 years and the parties share financial responsibility for the operation.
Also filed with the FCC were FRANKLIN & MARSHALL COLLEGE's request to take its noncommercial WFNM/LANCASTER, PA silent until SEPTEMBER 15th during renovation of the building on which the station's antenna is located, and COCHISE MEDIA LICENSES LLC's request for an extension of its silent STA for KFMR/BALLARD, UT due to financial reasons, noting its obligation to return to the air by JUNE 6th.