Pending approval of a U.S. Bankruptcy Court, American Tower Corp. (NYSE: AMT) is buying the tower site for Audacy’s WEEI-AM in Needham, MA for $3.5 million, according to Inside Radio. The transaction includes an easement agreement that allows Audacy access to the land in the Boston suburbs that is home to three guyed towers, a transmitter building and a garage.
The deal also gives the broadcaster access to utilities on the property and Audacy agrees to reimburse AMT for 15 percent of property taxes on the site. Since 1998, Audacy has leased part of the land to AMT for its own tower facility under a deal that expires in November 2025. The parties expect the transaction to close by February 28. Continue Reading
The deal is one of two real estate sales before the bankruptcy court. Audacy is selling the building that houses its Boston studios and offices for at least $11.1 million. The transactions are part of $60 million in planned real estate sales from which it expects to net $44.8 million after taxes are paid, reports Inside Radio.
The buyer is 83 Leo Property, which will pay Audacy $11.1 million with an additional payment of up to $7 million depending on the market value of the property at closing, which is slated on or before March 6. According to court papers, Audacy will lease the space back from the buyer for $40,000 per month for two years with plans to move into a smaller building in the future.
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