In the fall of 2010, NAP Broadcasting took over a station group assembled by Amador Busto and began operating it in nine markets as Adelante Media Group. At the time of that arrangement, plans were to send stations in a tenth market, Portland OR, back to Bustos. Paperwork to make that official is now residing at the FCC.
Bustos Media Holdings and Adelante agreed to keep the four AMs in the hands of Amador and Rosalie Bustos and memorialized the agreement with a TBA/purchase option on 8/23/10 that prices the foursome at $1.26M.
Bustos made a payment at that time of $253,279.50, and struck a promissory note for the remaining $1,006,720.50. In a contract/application accepted by the FCC for filing on 6/10/11, the principals of both companies are officially filing to transfer the licenses back to Bustos. They note that at this point, three installments on the note have been paid.
The buyer already has two stations in the market, 1130 KPXW-AM Mount Angel OR and 94.3 KZZR-FM Government Camp OR.
If you are surfing the radio dial between 1100 kHz and 1250 kHz in the Portland area, you pretty much can’t swing a dead cat with hitting a Bustos station. Coming in this deal are three more AMs in that range – 1010 KGDD Oregon City, 1150 KOOR Milwaukie and 1230 KRYN Gresham. The deal also includes a station actually licensed to Portland, 1520 KXET.