Real Media Buys Two In Virginia
March 28, 2006 at 6:34 AM (PT)
RAPPAHANNOCK COMMUNICATIONS sells AC WRAR-F/TAPPAHANNOCK, VA to REAL MEDIA, INC. for $1.9 million (in a promissory note). REAL is also buying Country WNNT (RIVER COUNTRY 100.9)/WARSAW, VA in the same market from NORTHERN NECK & TIDEWATER COMMUNICATIONS for $1.4 million (also in a promissory note).
And RAPPAHANNOCK is separately assigning Gospel WRAR-A/TAPPAHANNOCK to non-profit A.C.T.I.O.N., INCORPORATED; the assignor gets a right of first refusal should A.C.T.I.O.N. decide to sell the station, and $100,000. should A.C.T.I.O.N. take the station back to commercial operation.