MMTC Completes Spin Of Donated CC Stations With LMAs, Sales
October 4, 2011 at 4:53 PM (PT)
The MINORITY MEDIA AND TELECOMMUNICATIONS COUNCIL is commemorating the completion of the deals by which it assigned the six stations donated to the organization by CLEAR CHANNEL to minority or women owner/operators or non-minority buyers who have committed funding for minority training and mentoring initiatives. Four of the stations are remaining licensed to the MMTC with LMAs and options to buy with the operators, and two are being sold outright.
"CLEAR CHANNEL has shown a unique and important commitment to helping minorities and women make the daunting transition from management to entrepreneurial ownership. I extend the sincere thanks of the MMTC Board of Directors and staff to CLEAR CHANNEL for the donations and to their executives in technology and engineering, especially JEFF LITTLEJOHN and STEVE DAVIS, for their endless support through these transactions," said MMTC President and Executive Director DAVID HONIG.
"We appreciate how MMTC has put our donations to good use. MMTC's mentoring of these new LMA partners is very important. They will learn good broadcasting is about supporting your community, delivering excellent content and building a stable business operation. Radio is a dynamic, fun and rewarding business. We wish these broadcasters the best." said CLEAR CHANNEL RADIO CEO JOHN HOGAN.
"This was a win-win situation for all," added MMTC Volunteer Chairman HENRY RIVERA. "CLEAR CHANNEL continued their commitment to our work, the buyers had the chance to buy the stations at significant discounts and MMTC will use the proceeds to fund the important training and advocacy work they do. Most importantly, the listening public gets more diverse content on their radio dial. Hopefully other broadcasters and telecom companies will follow MMTC's lead and work with us in this way."
The stations are KFXN-A/MINNEAPOLIS, now operated with a Hmong format by
XENG XIONG and KONGSUE XIONG; WNRR-A/NORTH AUGUSTA, SC, LMAd to RENEE DEMEDICIS; silent WHJA-A/LAUREL, MS and KYHN-A/FORT SMITH, AR, LMAd to JAMES HARDMAN; WTOC-A/NEWTON, NJ, sold to Dr. HECTOR A. CHIESA's RADIO VISION CRISTIANA and flipping to Spanish Religion; and WBHA-A (to become KMFX-A)/WABASHA, MN, sold to ALAN QUARNSTRON's Q MEDIA GROUP.