There is a lot more than meets the eye when it comes to the sale of three stations in the Billings MT market from Cherry Creek Radio to Connoisseur Media. We now know the price, and we also know the immediate fate of CCR’s fourth station, the orphaned KYYA-FM.
For starters, the price for the Kalil & Co.-brokered deal is $1.1M. For that, Connoisseur will get Rock KRZN-FM, Classic Rock KRKX-FM and News-Talk-Sports KBLG-AM. Connoisseur, using licensee-name Mini Me Media, will plunk $50K into escrow, pay an additional $250K cash at closing and strike a promissory note for the remaining $800K.
The stations will cluster up with CM’s Country KPBR-FM and CHR KPLN-FM.
Now here comes the fun part. CM’s LMA with KWMY-FM will cease to exist as of 12/1/09, and it will take over the care and feeding of CCR’s Lite Rocker KYYA-FM. CM will also attempt to sell the station to a third party, and will get to keep up to $300K of net proceeds. Anything over and above will go to CCR as prepayment on the note.
If the station remains unsold after a year, CM will be able to apply to take it dark or continue to LMA it at a nominal fee.