A Class A FM serving the growing Casa Grande, Ariz., area and nearby San Tan Valley portion of the Phoenix DMA has been sold by Univision Communications.
Who’s the owner? None other than the prolific buyer led by a man named Mike Novak.
Who’s the broker? Kalil & Co., representing the seller.
In a transaction valued at $500,000, Educational Media Foundation is purchasing KKMR-FM 106.5 in Arizona City, Ariz., from Univision.
A $25,000 deposit has been made with Univision’s escrow agent, WashingtonFirst Bank.
KKMR has been a simulcast partner of Sun City-licensed Class C2 KOMR-FM 106.3, which airs the regional Mexican Classic Hits “Más Variedad” format; KOMR will continue to remain the primary market home for the programming.
Once the transaction is complete, KKMR will convert to noncommercial status via a Form 302 filing with the FCC and become an Air1 Christian Top 40 network affiliate.
David Oxenford of Wilkinson Barker Knauer LLP was the legal counsel for EMF in this transaction, reprising a role seen in most other recent EMF deals.