When Bonneville International swapped its three San Francisco FMs to Entercom earlier this year, we all knew its was just a matter of time before its orphaned KOIT-AM was spun off. That event has finally taken place, with the station going to non-profit IHR Educational Broadcasting.
As in the Entercom deal, brokerage Star Media was involved on behalf of Bonneville, and The Exline Company assisted IHR, headed by Douglas M. Sherman. The price is 14M cash. An LMA kicks in 6/1/07. IHR will also need to find a new set of call letters. IHR has full power stations and CPs in California, Nevada, New Mexico, Oregon and Montana.