We knew Buckley Broadcasting had a deal to sell KIOO-FM Porterville CA, part of the Visalia CA Arbitron market, to the owner/operator of an existing in-market cluster. Now we know what the sticker price is.
The station, which will enter into a superduopoly radio group with KJUG AM-FM and KCRZ-FM, is carrying a price tag of $450K. The full amount is due in cash at closing, and broker Dick Foreman is holding a $50K escrow deposit until then.
The buyer is Momentum Broadcasting LP, headed by Donald J. and Shelly K. Groppetti.
There was an interesting factoid on the contract for KIOO which suggests the station will have at least one major claimant for airtime. The contact information for Donald Groppetti was listed in the care of Groppetti Automotive. That Visalia company’s website highlights a pantheon of motor brands, including Nissan, Toyota, Scion, Honda, Hyundai, Ford, Buick, GMC, Vespa and Kawasaki. Says its website, “Nearly 20 years ago we began to assemble our family of dealerships with one goal in mind: provide our customers with the highest level of service possible. We strive everyday to assure that we meet this mission and are able to proudly say ‘You Can Count On Us.’”