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IS NEWPORT DAILY NEWS,WADK Sale Price * Listed At $100,000,Financial details In the sale ol local radio station WADK by the Aquidneck Broad casting Co, to Arnold S. Lemcr and Myer Feldman of Washington, doing business as Key SI a lions. were revealed yesterday when I lie Federal Communications Commission in Washington approved the sale. The agreement to sell, subject to FCC approval, was announced lastmonth.Milton K. Miller, who purchased the station In 1953 from Columbus O'Donnell of Newport for $20,000 is to get $100,000 of winch S35.C00 is to be paid in cash and $15,000 put in escrow. Out of the 535,000 cash the FCC said, Aquidneck agrees to discharge debts amounting to 531,500 owed by the station.Die new owners have agreed to pay Mitler over a five-year period not to compete in the WADK area. Miller last year began operation of a new station in the West Warwick-East Greenwich area.Feldman, one of the new owners, was identified as a 35 per cent owner of KLAD in Klamath Falls, Ore. He and Lower said they intend to continue present policies in the WADK operation.vr ■
Newspaper Details
Newport Daily News
Newport, Rhode Island, US
Thu, Jun 16, 1960
Page 18
Full Page
Clipped by
Sammi B.
NA 18 May 2021
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