A radio station serving the island of Oahu on the senior band is changing hands. It’s another sad tale of a station acquired before the Great Recession that has since lost value.
The station is KUPA-AM Pearl City HI in the Honolulu market.
The seller is Broadcasting Corporation of America. Ralph C. Petty signed off on the transaction.
The buyer is Beach Time Broadcast LLC, a partnership of Universal Broadcasting Group Inc. (James Y. Su), 80%; and AIM Broadcasting LLC (John Douglas, Greg Douglas), 20%.
The price is $320,000. The parties entered into a TBA/option at which point the buyer deposited $25,000. Monthly TBA payments of $8,194 will count towards the price, as will TBA payments deposited in an escrow account 12/1/14 and pegged at a total of $65,552. The remaining balance will be paid in cash at closing.
The effective date of the TBA was 7/30/12.
KUPA-AM is a Class B on 1370 kHz with 6.2 kW-U, ND.
The station was acquired by BCA back in June 2005. Not surprisingly, it has lost some value since then. BCA bought it from E. Morgan Skinner Jr.’s AM Radio 1370 Inc. for $650,000.
