Mortenson Broadcasting has enjoyed a presence in North Texas by way of a pair of AM radio stations licensed to Fort Worth and, in recent months, through an FM translator serving the western half of the Metroplex.
Now, Mortenson is saying goodbye — or, perhaps 안녕 — to those facilities … sort of.
In a deal struck Jan. 2, Mortenson is selling Class B KHVN-AM 970 in Fort Worth, along with Class B KKGM-AM 1630 and FM translator K237HD at 95.3 MHz to KTM Broadcasting and the Kim Family Partnership.
The purchase price is $1.5 million. A 10% escrow deposit has been made.
KTN is led by Odes Kim, who used the services of Erwin Krasnow of Garvey Schubert Barer as his legal counsel in this transaction.
The Dave Garland Media Brokerage served as the exclusive broker in this deal.
A Time Brokerage Agreement will give KTN control of the stations ahead of closing. However, it became known Feb. 1 that KHVN is being LMA’d back to Mortenson. KKGM, which aired a “Modern Gospel” format, is being operated by Kim.
Mortenson Broadcasting Company began with the vision of Jack M. Mortenson and his late father, Dr. E. M. Mortenson. After several very successful joint ventures, including the start-up and pastorship of Faith Memorial Baptist Church in Canton, Ohio, Jack re-directed his career to focus exclusively on the development of his network of Christian radio stations after the death of his father in 1970.
As such, Jack Mortenson is one of the pioneers in the development of Christian radio broadcasting.
With the sale of KHVN and KKGM, Mortenson’s owned holdings are reduced to KGGR-AM 1040 in Dallas. WEMM-AM & FM in Huntington, W. Va., were recently sold to Bristol Broadcasting.