The seller is Obidia Porras, who stands to make $3.35M on the deal. Kalil is holding an escrow deposit of $167,500 with the balance due to be paid at closing. According to the contract, the brokerage fee is the responsibility of the buyer, headed by Charles Naumer.
The deal for the Glendale CA independent outlet is contingent on getting a new contract in place with American Tower.
The station at this point is ineligible to participate in the upcoming incentive auctions. Currently, it operates on Channel 40, and reaches much of the important territory in the market, covering the coast from Malibu to Huntington Beach and as far west as Anaheim.
If it is successful in getting a CP application approved to change its city of license from Glendale to Los Angeles while moving to Channel 4, its reach will improve significantly. It would reach as far west as Riverside and San Bernardino, make it beyond Malibu up the coast to the north and down the coast as far as Mission Viejo.
The buyer has foreign partners, but not enough to trigger any special scrutiny from the FCC. NYSHC says that 15% of equity and 20% of voting rights are under alien control, representing one out of four managers, which is well under the 25% alien ownership cap. It noted that the FCC has been approving deals with the current ownership structure since 7/8/13.