In late January, Cumulus Media agreed to sell a Class C AM in Salt Lake City for $55,000 to a local Latino pastor.
That deal never closed.
As a result, there’s a new buyer for this AM, which has different call letters than it did at the start of 2017. The buyer is known for his properties across the American West … and in Hawaii.
Vic Michael and his Kona Coast Radio have emerged as the new buyers of KRRF-AM 1230 in Murray, Utah.
That’s the facility previous known as KRUZ-AM, which Cumulus planned to sell to Pastor Juan Gilberto López’s Pentecostal Church of God.
The church made a $10,000 deposit in the broker-free transaction to Cumulus subsidiary Radio License Holding CBC LLC, the Delaware limited liability company that is officially the licensee; Cumulus is a Nevada corporation.
But, somewhere along the line toward closing, the deal was derailed.
Now, Michael has stepped in. He’s paying the 1kw Class C facility, which covers the entire Salt Lake City market, for a price of $175,000.
That’s a plus for Cumulus, given the price that López had offered — and Cumulus had accepted — for KRRF.
A $20,000 escrow deposit has been paid by Kona Coast to Cumulus’ escrow agent, Spectrum Media.
Serving as Cumulus’ broker in this transaction is Media Services Group.
KRRF, with the deal, becomes a sister station to KNIT-AM in Salt Lake City.
Michael’s other broadcast holdings are in Arizona, Colorado and Wyoming. Why the name “Kona Coast Radio”? Until March 2017, Michael had ownership of Class C1 KKHI-FM 95.9, the only radio station with a tower on the island of Lanai, across from Maui’s West Shore resorts including Lahaina. It is licensed to Kaunakakai, on neighboring Molokai.
That station was traded to Educational Media Foundation in exchange of Class C2 KMKV-FM 102.1 in Paia, Maui; that station is now using the KQMY-FM call letters, with KMKV now at 100.7 MHz. However, the station is licensed not to Kona Coast Radio but Michaels’ Future Modulation Broadcasting.