Crista Buys KFMK/Austin
June 9, 2010 at 2:42 PM (PT)
CRISTA BROADCASTING has reached a deal to buy Contemporary Christian KFMK (105.9 THE RIVER)/ROUND ROCK-AUSTIN, TX from ALOHA STATION TRUST for an undisclosed price. KFMK recently swapped formats with former CLEAR CHANNEL sister KPEZ, which took the Top 40/Rhythmic "102.3 THE BEAT" format, although the call letters remained in place.
KFMK was one of several stations spun off into the ALOHA STATION TRUST by CLEAR CHANNEL for eventual sale as part of its move to private ownership in 2007. CRISTA operates three stations in WASHINGTON state, including Christian AC KCMS (SPIRIT 105.3) and Religion KCIS-A/SEATTLE and Contemporary Christian KWPZ (PRAISE 106.5)/LYNDEN-BELLINGHAM, WA-VANCOUVER.
"We love what radio can do in building deep relationships with listeners and advertisers," said CRISTA VP/GM STAN MAK. "Adding an FM station in AUSTIN fits our strategic plan, and we are elated at the opportunity to add KFMK to the CRISTA BROADCASTING family. AUSTIN is an emerging market, recently named #1 by KIPLINGER on its list of the '10 Best American Cities for the Next Decade.' We look forward to becoming embedded in the AUSTIN community."
"This acquisition is a significant step for growth for the CRISTA organization," said CRISTA MINISTRIES President and CEO BOB LONAC. "The ministries within the CRISTA family impact millions of lives in NORTH AMERICA and abroad each year. With this exciting addition to the CRISTA BROADCASTING ministry, we will now be able to serve the wonderful people of AUSTIN with encouraging, family-friendly radio entertainment."
MEDIA VENTURE PARTNERS represented the ALOHA STATION TRUST in the transaction.