Clear Channel Sells Santa Barbara Cluster
January 10, 2007 at 5:48 AM (PT)
CLEAR CHANNEL is selling off its SANTA BARBARA cluster to JOHN Q. HEARNE's RINCON HOLDINGS for $17.3 million. The cluster includes Talk KTMS-A, Talk KIST-A, Alternative KIST-F (FM 107.7), Rock KTYD, Regional Mexican KBKO-A (RADIO BRONCO), AC KSBL (K-LITE), and Spanish Adult Hits KSPE (LA PRECIOSA). The buyer plans to spin off one of the stations.
RINCON HOLDINGS' parent, POINT BROADCASTING CO., owns 88.51% of GOLD COAST BROADCASTING, which has a six-station cluster in adjacent VENTURA-OXNARD, and 95% of HIGH DESERT BROADCASTING, with a five-station cluster in LANCASTER-PALMDALE, as well as interests in four other CALIFORNIA stations. POINT owns 95% of RINCON HOLDINGS, and veteran LOS ANGELES radio exec ROY LAUGHLIN owns the other 5%.