Citadel Takes Utah FM After Owner Defaults
June 12, 2008 at 5:31 AM (PT)
CITADEL is acquiring Rock KHTB (THE BLAZE)/PROVO-SALT LAKE CITY from CHRIS DEVINE's 3 POINT MEDIA for forgiveness of a $26 million loan in a deal prompted by 3 POINT's default on the loan from WACHOVIA BANK, which CITADEL guaranteed and ended up having to buy from the bank. With the station becoming attributable to CITADEL under FCC rules due to the loan situation, the parties are transferring the station to CITADEL in exchange for forbearance of the loan, and CITADEL is spinning Classic Country KKAT-F (COUNTRY LEGENDS 107.5) into a divestiture trust. Up to $500,000 of the loan is not being forgiven to the extent that the proceeds of the spinoff of KKAT-F are less than the amount of the loan outstanding.
In another deal filed with the FCC, AMERICAN PUBLIC MEDIA GROUP is expanding its presence in SOUTHERN CALIFORNIA with the purchase of noncommercial Religion KBXO (OASIS NETWORK)/COACHELLA-PALM SPRINGS from CREATIVE EDUCATIONAL MEDIA CORP., INC. for $1 million. AMERICAN PUBLIC MEDIA is the parent of MINNESOTA PUBLIC RADIO and also operates KPCC/PASADENA-LOS ANGELES and owns WKCP/MIAMI.
ART BELL's PAHRUMP RADIO, INC. is selling Oldies-Talk KNYE/PAHRUMP, NV to KAREN T. JACKSON for $600,000.
FAMILY EDUCATIONAL ASSOCIATION, INC. is swapping the construction permit for KYRQ/NATALIA, TX to COMMUNITY PUBLIC RADIO, INC. (NEW LIFE BROADCASTING of PUERTO RICO) for the construction permit for a new FM in LA GRANGE, GA.
FULL SMILE, INC. is selling FM translator K245BB/OSAGE BEACH, MO to VIPER COMMUNICATIONS, INC. for $20,000.
And J. GORDON GREGORY is selling the construction permit for a new FM in LOWRY CITY, MO to DEAN RADIO.TV CO.'s CLINTON LICENSE CO, LLC for $140,000.