Price For Townsquare-Double O Deal: $11 Million
August 9, 2011 at 4:49 AM (PT)
The price for TOWNSQUARE MEDIA's acquisition of 26 radio stations from DOUBLE O CORPORATION in ONEONTA, NY, MIDLAND-ODESSA, TX, SAN ANGELO, TX, QUINCY-HANNIBAL, IL-MO and SEDALIA, MO is $11 million, according to the contract filed with the FCC. The deal also includes issuance by TOWNSQUARE of 96,505.506 Class A Preferred Units and the same number of Class A Common Units to DOUBLE O.
In other filings with the FCC, MID-AMERICA RADIO GROUP is selling Adult Hits WARU-A/PERU, IN-WARU-F/ROANN, IN and Oldies WJOT-A-F/WABASH, IN to WADE S. WEAVER's DREAM WEAVER MARKETING, LLC for $1 million ($900,000 in a promissory note).
DEBUT BROADCASTING MISSISSIPPI, INC. is selling Classic Country WNIX-A and AC WLTM (LITE 97.9)/GREENVILLE, MS; Top 40 WIQQ (Q102.3)/LELAND, MS; and Gospel WNLA-A (GOSPEL 1380) and Urban AC WNLA-F (MIX 105.5)/INDIANOLA, MS to DELTA RADIO NETWORK, LLC for $250,000 ($125,000 in a promissory note). The buyer already operates WNIX-A, WLTM, and WIQQ under an LMA.
CLARK F. SMIDT and JEFFREY C. SMIDT are selling their 53% and 2% interests in MERRIMACK VALLEY RADIO, LLC., licensee of WCAP-A/LOWELL, MA to SAMUEL POULTEN, who owns 41.9% of YMSK, LLC, the 45% owner of MERRIMACK VALLEY RADIO. CLARK SMIDT will receive $50,000 in an initial payment, $40,000 into the company's account to relieve CLARK SMIDT from payment of the company's past debt, $40,000 upon FCC approval, and $85,400 in 30 guaranteed benefits payments ($2,847/month).
THE I.B. AND ZENA H. TEMKIN FOUNDATION, INC. is selling noncommercial Variety WAPJ/TORRINGTON, CT and FM translator W286AP/TORRINGTON to TORRINGTON COMMUNITY RADIO FOUNDATION, INC. for $1.
And CHARLES W. EMORY, JR., receiver for WPJF-A/GREENVILLE, SC, has applied for an extension of the station's Silent STA.