Grace Broadcasting Services has filed its settlement agreement with The Wireless Group with the FCC that will see Grace acquire News/Talk 101.5 WNWS-FM Jackson TN.
Grace will pay $1.825 million for WNWS-FM with $200,000 due at closing and the rest in a promissory note to be paid over ten years. Wireless Group principals Carlton Viers and Lyle Reid will have a 30 month noncompete connected to any AM or FM licensed to Jackson.
An LMA will take effect prior to closing, but no start date has been listed.
Original Report 7/30: A legal battle between two Jackson TN Talk outlets has been resolved with Grace Broadcasting Services purchasing 101.5 WNWS-FM Jackson TN from The Wireless Group.
The Wireless Group had filed for a temporary restraining order against Grace in May after Dan Reaves exited the station to join Grace’s “News Talk West Tennessee” 93.1 WTJS-FM Alamo in the same 8-11am timeslot. Wireless Group alleged that Reaves had a non-compete in his contract and must sit out one year before joining a competing broadcaster. Wireless Group also sued Reaves himself with allegations including violating his contract, intentionally interfering with its business and revealing company secrets to a competitor.
In the settlement, which was reached earlier this month, Grace will purchase WNWS-FM for an undisclosed amount. The Jackson Sun reports that no decisions have been made on whether either station will drop their current format. The newspaper adds that WNWS-FM News Director/afternoon host Keith Sherley departed the station immediately following the deal being reached.
