One of the more notable stations sales in a mostly dismal radio station trading year has come home to roost. The $10M transaction taking KLVS-FM into the noncommercial realm under the TLC of Educational Media Foundation is complete.
According to Greg Guy of brokerage Patrick Communications, the $10M sale is being handled as a stock transaction. Documents filed with the FCC indicate that the bulk of the price — $7.75M to be exact – will be paid over time pursuant to terms of a promissory note.
The seller, San Joaquin Broadcasting Company is comprised 81.7% by LaRue Family LP and 18.3% by Annette LaRue.
EMF’s K-LOVE Network provides contemporary Christian programming. In fact, that programming has been coming from EMF for over a year, based on a network affiliation agreement dated 12/22/09 and an LMA that was struck on 2/19/10.
According to Guy, the station is situated so as to receive measurable listening in three additional Arbitron market, including San Francisco, Sacramento and Modesto.