The Palm Springs, Calif., market, is home to a very popular music festival. It’s also home to some wealthy individuals with homes out in the desert, some two hours east of the greater Los Angeles area.
That could explain why “Money Radio” exists … or, at least, did. It’s just been sold.
KPSF-AM 1200, licensed to Cathedral City with 5kw during daylight hours from 3 towers and 1.3kw from 5 towers after dark, is being spun along with K265FH at 100.9 MHz.
The seller is CRC Media West, and Pure Radio is buying the facility.
A $375,000 purchase price was struck by the parties, with an additional $10,000 payment going to CRC at the time the escrow deposit is made. If there is no Time Brokerage Agreement in place by May 15, additional extension fees of $5,000 per month until the commencement date of the TBA will be adhered to.
The escrow deposit is $25,000.
Pure Radio is led by Tom and Desire Hoyt of Palm Desert, Calif.