Under licensee name New Inspiration Broadcasting Company, leading religious radio group Salem Communications has been leasing KXMX-AM Anaheim CA to a multi-ethnic broadcaster. Now the tenant is becoming an owner, while Salem enriches its bank account.
The tenant is Korean Gospel Broadcasting Network, headed by Chong Hee Yim. It is organized as a non-profit. It’s been operating KXMX-AM, which serves the Los Angeles market, since 1/1/10, with mostly Korean (but also Vietnamese) Christian programming.
The price is one of the larger ones we’ve seen this year for a single-station deal — $12M. After putting $1M down as earnest money, KGBN has the option of paying it all by closing or paying all but $1M by then and finishing off the deal with a $1M promissory note. It’s also paying a minimum of $106K in monthly time brokerage fees, which will continue until closing and does not apply to the purchase price.
The station is a Class B on 1190 kHz with 20 kW-D, 1.3 kW-N, DA2. Broker Mark Jorgenson represented the seller.
Salem retains KFSH-FM, KKLA-FM and KRLA-AM in the Los Angeles market.