Victor A. Michael Jr. is selling KRKU-FM Loveland CO to Robert D. Augsburg’s non-profit Way Media Inc., but that doesn’t mean Michael will be going away from the station. In fact, he will have an ongoing relationship as both a landlord AND a tenant of the station.
The deal is sending the 93.9 MHz Class A to Way for $750K cash. It will be the group’s first station in the market.
Michael’s status as landlord will be via his ownership of Mauna Tower LLC. MT will lease real estate, including a tower and building, to Way.
Michael’s status as tenant is also through Mauna Tower. Way will enter into an agreement to lease MT an HD-3 channel for a period of 25 years, for $25 a year. MT will be responsible for paying an iBiquity lifetime license fee of $10.5K, and will also bear all costs associated with the construction and operation of the HD-3 facility.
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