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After three years of negotiations, the principal owners of radio station WDKX-FM and its minority shareholders have reached an agreement on the station's value.
"I think (the settlement) was long overdue," WDKX general manager Andrew Langston said.
After completing a valuation of the station, the disputing parties agreed last week on an undisclosed amount due to WDKX's minority shareholders for their stake in the station's operating company, attorney Paul Nunes of Underberg & Kessler said. Nunes represented Langston and his family, the station's majority shareholders.
The Langstons in early 1992 planned a merger between BCM Merger Corp. and Monroe County Broadcasting Co. Ltd., which operates WDKX. The family owned BCM and owned approximately 80 percent of the shares in Monroe County Broadcasting.
The merger would have given the Langstons sole ownership of the station.