EMF Paying $5.75 Million For KKAT/Salt Lake City
August 19, 2010 at 4:25 AM (PT)
EDUCATIONAL MEDIA FOUNDATION has filed the paperwork to officially buy Contemporary Christian KKAT-F (K-LOVE)/OREM-SALT LAKE CITY and its booster in BOUNTIFUL, UT from WASATCH RADIO, LLC, the trustee for CITADEL's spinoffs, for $5.75 million ($2 million in cash, the rest in a promissory note; if EMF pays the entire amount in cash, it gets a $250,000 discount). CITADEL ended up with the station after former owner 3 POINT MEDIA defaulted on a $26 million loan from WACHOVIA BANK. EMF's K-LOVE format has been airing on the station since MARCH.
In other deals filed with the FCC, HORIZON CHRISTIAN FELLOWSHIP is selling FM translators K220IU/LEWISTOWN, MT and K270BH/SALMON, ID to HI-LINE RADIO FELLOWSHIP, INC. for $3,000, and is also selling K282AV/GREAT FALLS, MT to THE MONTANA RADIO COMPANY, LLC for $6,000.
THOMAS COUNTY COMMUNITY FOUNDATION is selling the construction permit for a new noncommercial FM at COLBY, KS to KANZA SOCIETY, INC. for $500.
And THOMAS RADIO, LLC, licensee of Sports WJAK-A (FOX SPORTS RADIO 1460)/JACKSON, TN, has filed for debtor-in-possession status. The company filed for Chapter 11 bankruptcy in JANUARY as part of the BLACK CROW MEDIA bankruptcy; the present filing corrects an omission in JANUARY's pro forma assignments that inadvertently left WJAK off the list of affected stations.
In addition, CHRISTIAN MINISTRIES OF THE VALLEY, INC. has applied for a Silent STA for KERG/ESCOBARES, TX. The station's tower was knocked down for a second time by vandals and a new tower location is being sought.