del_griffith said:
In the Salem earnings call today, management said they expected the sale to CVCO to close in the 2nd quarter.
A few months ago, there was a radio-info.com thread entitled something like this: "Is the sale of WRFD to Christian Voice struggling"
Is there a chance that the sale of WRFD WON'T go through at all?
It looks like we can now indeed declare the sale of WRFD to Christian Voice as struggling. In the SALEM MEDIA OF OHIO, INC. application for ANOTHER Extension of Consummation, we see the following:
http://fjallfoss.fcc.gov/cgi-bin/ws...xt=25&appn=101302382&formid=905&fac_num=58630
Exhibits Exhibit 1
Description: ASSIGNEE STATEMENT IN SUPPORT OF EXTENSION OF TIME WITHIN WHICH TO CONSUMMATE
THE PARTIES HEREIN SEEK A 90-DAY EXTENSION OF TIME WITHIN WHICH TO CONSUMMATE THE ASSIGNMENT OF LICENSE OF WRFD FROM SALEM MEDIA OF OHIO, INC. TO CHRISTIAN VOICE OF CENTRAL OHIO, INC. (CHRISTIAN VOICE). THE REASON FOR THIS SHORT EXTENSION OF TIME IS THAT RECENT EVENTS IN THE OVERALL US ECONOMY HAVE SPILLED INTO THE AFFAIRS OF THE BROADCAST INDUSTRY IN GENERAL, AND CHRISTIAN VOICE IS NO EXCEPTION. WHILE CHRISTIAN VOICE CONTINUES TO BE SOLVENT OVERALL, AND POSSESSES SUBSTANTIAL ASSETS, ITS NET LIQUID ASSETS POSITION HAS BEEN ERODED DUE TO THE GENERAL FINANCIAL CRISIS.
AS A PRUDENTLY-RUN ENTITY, CHRISTIAN VOICE HAS TAKEN MEASURED STEPS IN RESPONSE, INCLUDING AGREEING TO THE SALE OF ANOTHER OF ITS RADIO STATIONS, SPECIFICALLY WCVZ(FM) IN SOUTH ZANESVILLE, OHIO, AS A MEANS OF CONVERTING VALUABLE BUT NON-LIQUID ASSETS INTO MORE LIQUID FORM. THE COMMISSION RECENTLY CONSENTED TO THE ASSIGNMENT OF WCVZ, AND THAT TRANSACTION IS EXPECTED TO CLOSE IN THE NEAR FUTURE. CHRISTIAN VOICE INTENDS TO USE A PORTION OF THE PROCEEDS OF THAT TRANSACTION TO CONSUMMATE THE ASSIGNMENT OF WRFD TO CHRISTIAN VOICE. ACCORDINGLY, A SHORT, 90-DAY EXTENSION OF THE TIME WITHIN WHICH TO CONSUMMATE THE WRFD TRANSACTION IS CONSISTENT WITH THE PUBLIC INTEREST.
PLEASE CONSIDER THE INFORMATION PERTAINING TO CHRISTIAN VOICE AS CONTAINED IN THE ORIGINAL ASSIGNMENT APPLICATION HEREIN TO HAVE BEEN AMENDED BY THE NEW FACTS REPORTED IN THE INSTANT ASSIGNEE STATEMENT, CONSISTENT WITH SECTION 1.65 OF THE RULES.