Re: 107.9 to be sold to EMF (K-Love)
To the tune of $2.3 million for WLKJ 105.7 in Portage (Johnstown) and WKVB 107.9 in Port Matilda (State College).
WOW!!! I would never have expected those two weak stations would go for that much.
After adjustments, the cash due at closing is $1,757,000. A $550,000 option fee has been paid, $450,000 of which will be credited as a portion of the purchase price at closing. A $92,500 discount has been applied, as the buyer exercised their option to acquire one of the stations and will consummate the transaction within two years after the effective date of a Time Brokerage Agreement already in place for WKVB-FM.
What will happen with WLKH 97.7 in Somerset? More than likely, it will be simulcast with the new 98.5 FM that 2510 Associates got in the recent FM auction last week. 98.5 FM will come to Meyersdale.