Colonial Media + Entertainment is selling its local radio stations to Scranton-based ONAIR Inc.
The agreement of sale is for the transfer of WAGL-FM, WXMT-FM, and WVTT-FM, along with their translator facilities.
The $615,000 purchase will be completed following review and approval by the Federal Communications Commission.
Jeff Andrulonis, Colonial Broadcasting president, stated the sale "is with bittersweet feelings. While we're sad to leave the Twin Tiers after 12 years, we're thrilled to pass the stations onto the capable hands of Rick Freeman and the staff at ONAIR. They have management with a substantial history on focusing on community radio stations such as the ones we are selling in Bradford and Olean. I'm confident that Rick and the staff at ONAIR will continue to grow these stations on to even greater heights."
Rick Freeman, president of ONAIR, agreed with Andrulonis.
"Jeff's company has been a positive brand and broadcaster in the region for many years. His shoes will be tough to fill, but we are confident that we can continue to deliver programming that will entertain and which celebrates the uniqueness of the local communities."
Freeman was previously affiliated with several local newspaper organizations in northeastern
Pennsylvania including the Pike County Dispatch, The Villager and The Carbondale News.
Management of the stations will change effective May 1st under a radio time management agreement. Freeman noted that programming and broadcast operations are not expected to change until final commission clearance.
WAGL, “The Eagle,” is licensed in Eldred; WXMT, “The Mountain,” in Smethport; and WVTT, “Eagle Country Throwbacks,” in Portville, N.Y.
According to the FCC filing, the sale is for $615,600 plus a Time Brokerage Agreement before closing. The $50,000 TBA fee will be a deposit on the purchase with the rest paid in cryptocurrency IDEUM tokens, the filing noted.