In yet another sign of the times transaction, a pair of FMs serving the Denver market are headed to a pair of investors willing to take them over from Denver Radio Company under licensee names KSIR-FM LLC/KBRU-FM LLC, in its role as Debtor-in-Posssession.
The stations are KONN-FM Bennett CO and KTNI-FM Strasburg CO. Neither are major forces in the Arbitron rankings.
The buyers are John Trinder et al’s Max Media of Denver, which will pick up a 51% stake, and Todd Boehly’s Denver Holdings LLC, which will get the other 49%. They made an $11.7M credit bid to win the right to purchase the stations, and will pay up to $300K in carveouts to Guggenheim Corporate Funding LLC. The seller defaulted on a $27.5M loan from Guggenheim, putting it first in line for proceeds from this sale. The $300K in carveouts could be upped another $50K.
KONN-FM is currently using a CHR format; KTNI bills itself as an independent alternative station.