Hochman-McCann Hawaii, headed by George Hochman, is spinning KORL-AM Honolulu clear out of the commercial station universe in a $350 deal with a Hispanic Christian non-profit.
The catch for the new owner is that it will have to get the station back on the air. It’s been silent almost a year, dating back to 9/29/08. When it’s up-and-running, it’s a Class B with 1 kw day and night.
The buyer for the station is Centro Cristiano Vida Abundante Inc., headed by Maunel Sanchez. The value of the transaction is listed as $350K, but Sanchez only has to worry about a fraction of that.
CCVAI will put down a $5K deposit, and then will pay $5K a month until closing. At that point, it will add to the total already paid whatever it takes to total $50K. Hochman-McCann will donate the remaining $300K.
One item will remain with Hochman-McCann – the rights to the KORL call letters do not convey.