A bankruptcy trustee for the company that owns three Muscatine radio signals is seeking FCC approval to transfer the licenses to a new company.
According to an asset purchase agreement filed with the FCC, Davis Media LLC will buy KMCS/93.1 (Muscatine), KWPC/860 (Muscatine), KWPC translator K236CF/95.1 (Muscatine), and four FM stations in North Carolina from Jeffrey T. Testa, the trustee of JAM Media Solutions LLC.
The agreement lists an aggregate purchase price of $800,000 but notes that the purchaser will initially pay $650,000 at closing, with $150,000 going into a segregated account for repairs at one of the North Carolina transmitter sites. Any money not used for the repairs will be given to the seller once repairs are complete.
The filing indicates Davis Media will begin operating the stations on May 1 under a time brokerage agreement.
Davis Media owns two other stations in North Carolina, as well as two in Virginia.