Douglas M. Sherman’s religious noncommercial IHR Educational Broadcasting is adding another western state to its portfolio with a deal for KPCW-AM in the Salt Lake City market.
This is an unusual situation where an AM, which has no band reserved for noncommercial use, is already a noncom. Seller Community Wireless of Park City Inc. is an NPR affiliate. That format will go by the boards once the station changes hands, and in fact, the contract stipulates that all CWPC employees will be gone by closing.
The access to a top 50 market enabled. to command a halfway decent price for the station. It’s going for $900K, with $50K placed into escrow, another $700K paid at closing, and the remaining $150K paid over time pursuant to terms of a promissory note.
Utah will be new territory for IHR, which is active in many parts of the West, with stations in California, Nevada and New Mexico, and holds numerous CPS which will also bring Montana and Idaho outposts into the fold.
An LMA is scheduled to begin 8/1/09.