Jeanette Tully, trustee of Aloha Station Trust, has faced slow going as she has tried to find buyers for Clear Channel overstock radio stations in the face of fierce deal-dampening headwinds. But a new deal with Entercom for KUFX-FM San Jose has cleared off the shelf in at least one market.
Entercom, headed by David Field, will pay $9M for the station, with $1.35M going into escrow and the rest payable in cash at closing. Brokerage firm Media Venture Partners represented Aloha in the deal.
San Jose is considered by Arbitron to be a market unto itself, and is also considered to be embedded in the San Francisco market. Although this will be Entercom’s first San Jose station, it will join a cluster of three FMs licensed to San Jose’s larger neighbor.
KUFX’s Classic Rock format will join an eclectic mix that includes the Country stylings of KBWF-FM, the Adult Contemporary fare of KOIT-FM and the Classical music found on KDFC-FM.
Aloha earlier sold two FMs to The Principle Network, headed by Charles W. Banta and William Saurer, in separate deals that were filed about a year apart. After buying KLOK-AM from Univision in the summer of 2009, Principle acquired KCNL-FM from Aloha for $5M in a deal filed 11/23/09. It came back with $9.25M to buy KSJO-FM a week shy of a year later, filing to acquire that station from Aloha on 11/17/10.