The seller is KM Radio of Merced LLC, headed by Myoung Hwa Bae.
The buyer’s principal is Amador Garcia.
The LMA was agreed to in December of 2009. It provided for a monthly rent of $6,750 during the first year, and a monthly rent of $13K thereafter. It also included an option to purchase the station for $3M.
However, the actual transaction contract for the sale puts the price at $755K. The buyer will get a $12K credit for its LMA security deposit, will pay $68K in cash at closing, and will strike a $675K promissory note to cover the remainder.
The difference between the December 2009 anticipated price and the actual price is $2,245,000. The new price is only about a fourth of the original.
The station uses a Spanish format. It’s a Class A on 94.1 MHz with 6 kW @ 328’.