Educational Media Foundation, the noncommercial force behind the religious K-LOVE Network has struck yet again. This time it has a deal that will bring it an FM station licensed just outside of Cedar Rapids IA, along with a flotilla of six FM translators. EMF, which works both sides of the commercial-noncommercial divide, is buying in the noncommercial reserved band this time, at least insofar as the full power station is concerned.
The station is KXGM-FM, a Class C3 licensed to Hiawatha IA. It’s 89.1 MHz, 5.8 kW, 400’ signal completely blankets Cedar Rapids.
Coming along with the FM are K217FT Waterloo, K261H Iowa City, K292FR Dyersville, K292FZ Mount Vernon, K251BB Marshalltown, and K265EH Waverly, all in Iowa.
The seller is Extreme Grace Media Inc., headed by Chris Behmlander.
The price is $265K. EMF will put down $13,250 into escrow, pay an additional $86,750 at closing and strike a note for the remaining $165K.
There is one other financial element to the deal. EMF will send a $2.2K monthly studio payment to Extreme Grace until Extreme Grace is able to sell it, or upon the passage of 18 months time from closing, whichever comes first.