Owner Gets FCC Waiver To Sell New Mexico LPFM
November 28, 2006 at 5:54 AM (PT)
FORT STANTON INC. is selling low-power Variety KEDU-LP/RUIDOSO, NM to CHRISTIAN BUSINESS OWNERS OF LINCOLN COUNTY for $100,000. The deal required the FCC to grant a rule waiver to allow FORT STANTON to sell, and the parties claimed that the seller is "on the verge of bankruptcy" due to its inexperience in running a radio station and owes over $150,000 in debts.
The buyer is a nonprofit group of local churches. FCC rules allow sales of LPFMs only when the sale is involuntary (e.g., bankruptcy) or does not involve a "substantial change in ownership and control."