Sale of Hiawatha radio station for $160,000

Sale of Hiawatha radio station for $160,000 March 12, 2008

Posted by John in Business, Media.
Tags: 89.1 MHz, Extreme Grace Media, fcc, Federal Communications Commission, Friendship Communications, Hiawatha (Iowa), KWOF-FM
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From document at FCC [PDF]:

THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is made as of February 29, 2008, by and between Friendship Communications, Inc., an Iowa not-for-profit corporation (“Seller”), and Extreme Grace Media, Inc., an Iowa not-for-profit corporation (“Buyer”).

Recitals

A. Seller owns noncommercial educational FM radio station KWOF-FM, 89.1 MHz, Hiawatha, Iowa, Facility ID No. 85165, and AM radio station KWOF(AM), 850 kHz, Waterloo, Iowa, Facility ID No. 37446 (each, a “Station” and, together, the “Stations”), pursuant to certain authorizations issued by the Federal Communications Commission (the “FCC”). …

C. Subject to the terms and conditions set forth herein, Seller desires to sell and assign to Buyer the FCC Licenses (as defined herein) and substantially all of the assets used or held for use in the operation of the Stations. …

1.5 Purchase Price. The aggregate purchase price (the “Purchase Price”) to be paid to Seller for the Station Assets shall be One Hundred Sixty Thousand Dollars ($160,000.00) in cash …