You’d almost think that the kids are in charge of the sale of KSPS-TV Spokane WA, and that they have determined that it’s Backwards Day. For starters, the seller will be the one making a cash payment at closing, and then it will keep on paying the buyer.
The kids link actually isn’t too far off – the station is being sold by Spokane School District #81, with Dr. Mark Anderson signing off on the deal. However, we’re pretty sure that Dr. Anderson is in fact an adult.
The buyer is Friends of KSPS, headed by Leon J. Stevens.
The price of the transaction is set at $1M.
But – way back on 8/31/93, Friends of KSPS agreed to help fund renovations and construction related to the station, and the school district owes it $1,642,500.
So at closing, SSD#81 will pay the balance, which we make to be $642.5K, to Friends of KSPS.
The two parties are also entering into a program agreement under which Friends will provide programming for the benefit of the school district. It is to include three spedicif programs: School Talk, Educating Spokane and Community Connections, along with various documentaries and informational videos.
The agreement will run from 9/1/13 through 8/31/18, and will be priced at approximately $222K annually, paid by the District to Friends.
Otherwise, the station is a PBS affiliate on Channel 7. It comes with an assortment of TV translators.
