PLU, Non-Profit Negotiate KPLU Sale
The non-profit Friends of KPLU has reached an agreement with Pacific Lutheran University to buy KPLU in Tacoma, Washington. It’s another step in a multi-month effort.
The deal comes after two weeks of negotiations, according to the station.
We reported the non-profit reached its goal of raising $7 million to buy the station in late May. The group will also pay for $1 million worth of underwriting announcements, so the deal matches what University of Washington-licensed KUOW would have paid. PLU originally made a deal to sell KPLU with KUOW, which would have eliminated KPLU’s news department and changed the format to jazz.
A group of listeners protested the sale, prompting the University of Washington to say it would back out of the deal if the group could raise the money in the time it would normally take the transaction to close. The group raised the money in six months, a month ahead of schedule.
The original deal is now off the table; Now, the transaction needs FCC approval.