In fact, Edward G. Atsinger III and Stuart W. Epperson are coming down from three towers that they own personally and have been leasing to the company they run, Religious specialist Salem Communications. They’re selling the trio to the company for just under 5M dollars.
Salem is paying 3.1M for the tower of KGNW-AM in the Seattle-Tacoma WA market; 1.4M for the tower of KRKS-AM in Denver-Boulder CO; and 475K for the tower of WORD-FM in Pittsburgh PA; for a total of 4.975M. It says it’ll save 148K in annual rental fees, and realize annual income of about 166K from other tower tenants.
Salem also extended or modified rental agreements for nine stations on eight other towers in seven markets, including two in Seattle-Tacoma WA; and one each in San Francisco CA, Philadelphia PA, Phoenix AZ, Houston-Galveston TX, Portland OR and San Antonio TX. The annual rental fees total 627K for the group.