KCPW Buyer Gets Financing Commitment
May 29, 2008 at 5:37 AM (PT)
The saga of the sale of noncommercial KCPW-F/SALT LAKE CITY continues with local WASATCH PUBLIC MEDIA getting a last-minute $2.2 million financing commitment from NATIONAL COMMUNITY BANK to buy the station from COMMUNITY WIRELESS OF PARK CITY.
The SALT LAKE TRIBUNE reports that the commitment letter from NCB came one day before a deadline set by the seller for WASATCH to come up with financing. WASATCH has already raised about $975,000 from a local fundraising campaign and would use $200,000 for a down payment if COMMUNITY WIRELESS accepts the bid and financing letter. COMMUNITY WIRELESS has previously reached a deal to sell its KCPW-A to IHR EDUCATIONAL BROADCASTING and will retain noncommercial KPCW/PARK CITY, UT.