In what is one of the first deals to arrive following the FCC’s November 2017 decision to end its 42-year-old newspaper/broadcast media cross-ownership rules, the owner of a daily newspaper serving a city on the western slope of the Colorado Rockies has agreed to purchase an FM and its three associated translators for an undisclosed price.
It’s the deal everyone is talking about ahead of its Form 314 filing at the FCC, and it’s our top item in TRANSACTIONS TODAY.
The Daily Sentinel is the main newspaper serving the city of Grand Junction, Colo., and the surrounding area. It is owned by Grand Junction Media, and it has just entered into an agreement to acquire Class C2 KGJX-FM 101.5 — branded as “Redrock 101.5” and airing an Oldies format from Redrock Radio Group.
KGJX uses its HD2, HD3 and HD4 signals, and has FM translators for each of these offerings. As such, Grand Junction Media is also acquiring:
- K232FB, branded as Hot AC “Kiss 94.3”
- K284AP, known as Spanish-language Adult Hits “Juan 104.7”
- K297BR, marketed as “Canyon Country 107.3”
“We’re really excited about the possibilities and potential not just for this company, but for the community as well,” Grand Junction Media EVP Jay Seaton said in a Daily Sentinel news story announcing the acquisition.
“It’s an exciting and unique opportunity that wasn’t available a couple of years ago,” Redrock Radio Group owner Tom Troland added.
He will no longer be involved with the radio stations once the deal closes; this is expected to occur in August.
In other TRANSACTIONS TODAY:
- Guess what radio station in Memphis just got sold? In a deal valued at $649,000, Classic Hits Class D WUMY-AM 830 and FM translator W288BJ at 105.5, known as “Guess FM,” have been dealt to Global Ministries Foundation by Memphis First Ventures. The buyer will assume tower leases forged by the seller in 2012, and will pay the seller $27,823 in tower reimbursement credit under the November lease plus a $30,000 advance payment for the January tower lease. This puts the aggregate price at $706,823. A $100,000 deposit has been made by Global Ministries. There is no broker or finder.
- For $10,000, KDVQ-FM in Batesville, Tex., represented by a Construction Permit, is being transferred to Carlos Lopez by Douglas Bennett.
- Also in Texas, a new FM station with FCC File # BNPH – 20151013AIQ is being sold for $10,000. The buyer is Jennifer Juarez, and she’s buying the future station licensed to Sanderson, Tex., from Torres Media Group. Serving as the broker is Dave Garland, representing Ms. Juarez. Sanderson is a town along U.S. 90 north of the Rio Grande in a rural area southeast of Fort Stockton.