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Did Chris Dipaola Just Make 100K??

T

tjm_pro

With the money he just made from this deal, maybe he'll improve WBLQ's audio processing.

From Allaccess.com.

EMF Buys In Rhode Island
EDUCATIONAL MEDIA FOUNDATION continues its buying spree with the purchase of noncommercial Contemporary Christian WKIV/WESTERLY, RI from SOUTHERN RHODE ISLAND PUBLIC RADIO BROADCASTING for $100,000. EMF is exercising an option it got in NOVEMBER 2005 when the station affiliated with its K-LOVE network.

Rhode Island
WKIV-FM/Westerly (Providence-Warwick-Pawtucket)
PRICE: $100,000
TERMS: Asset sale for cash
BUYER: Educational Media Foundation, headed by President Richard Jenkins. Phone: 916-251-1600. It owns 160 other stations. This represents its entry into the market.
SELLER: Southern Rhode Island Public Radio Broadcasting, headed by owner/President Chris Dipaola. Phone: 401-322-9091
FREQUENCY: 88.1 MHz
POWER: 1kw at 105 feet
FORMAT: Christian Contemporary
COMMENT: Southern Rhode Island Public Radio Broadcasting's WKIV-FM/Westerly, RI to Educational Media Foundation for $100,000, payable in cash at closing. $10,000 escrow deposit.
 
Given the costs of obtaining a license and putting a station on the air, even minimally, a $100,000 sale might actually recover out-of-pocket costs and might even reward Chris with about 1/2 of what he could have earned at minimum wage for the hours invested.

And I don't even know him!
 
When I saw the subject line I thought he got hired for mornings at Coast
 
Guess he'll probably divide that money evenly amongst those who invested in the public station!
 
EMF was LMA'ing the station. It's my udnerstanding they almost NEVER go into an LMA without a clause in the contract stipulating the right to purchase at any time for a pre-determined amount of money. And that's exactly what they did, exercised they're right to purchase.

I'm almost 23 now and have known Chris since I was 13 years old... I wish him all the best.
 
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