KIGS-AM Hanford CA has been sold. The station is in the Visalia-Tulare-Hanford CA market and even puts a signal into the southern part of Fresno. Broker: Griffin Media Brokers (seller)
The deal’s compensation package is heavily backloaded pursuant to terms of a promissory note.
The seller is Albert Pereira dba Pereira Communications LLC.
The buyer is New Media Broadcasting Inc., a partnership of Harinder Singh, Rajinder Singh Dhaliwal, Sukhdev Singh Dhaliwal and Narinder Singh Ghag.
KIGS is a Class B on 620 kHz with 1 kW-U, DAN. NMB will operate it in an LMA until closing.
The price is listed as $625,000. $50K of that will be made as an earnest money deposit, and another $175,000 will be paid in cash at closing.
The remainder will be in the form of a $400,000 note. It provides for 7% interest per annum; 23 $2,802 monthly payments, and balloon payment to close it out the on 2nd anniversary of closing, estimated to be $387,130
No other stations are licensed to NMB, but Harinder Singh has an 80% stake in New Age Media Ltd., licensee of KRPA-AM Oak Harbor WA and KWLE-AM Anacortes WA. Sukhdev Singh Dhaliwal has an interest in Canadian FMs in Alberta and British Columbia.
