Multi-ethnic specialist Principle Broadcasting Network has closed on its acquisition of KCNL-FM in the San Jose CA market. The seller was the Aloha Station Trust which is working on behalf of Clear Channel to move stations which lost grandfathered status when the group was transferred to equity investors.
According to brokerage Media Venture Partners, the price was $5M.
Principle is already active in the market with KLOK-AM.
Principle President/CEO Bill Saurer said, “Principle will operate KCNL-FM with an International Spanish language format and broker the time to local Hispanic communities in the Bay Area.”
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