Liberman Broadcasting held a contract to buy KDES-FM as it moved from the Palm Springs market to Riverside-San Bernardino. But now Liberman has changed its mind and transferred the deal to veteran broadcaster Roy Laughlin, who’s launching a new company.
A key part of this deal is that Laughlin has gotten Gold Coast Broadcasting to agree to drop its application for review of the city of license move to Redlands, CA and enter into an interference agreement regarding Gold Coast’s KCAQ-FM Oxnard, CA. That was accomplished by making Gold Coast an equity partner in Laughlin’s new LC Media LP.
The purchase price to acquire the station from R&R Radio Corporation is $7.1 million, an agreed upon reduction from the original price of $10.5 million that Liberman was to have paid under the contract struck in November 2007.
In addition to Gold Coast having a 30% stake in LC Media, Warren Investments will have 30%, Rosetree Partners 30% and Laughlin 10%.