In November 2010, a company led by Charlie Banta and Sandra Miller took possession of an AM in Northern California that had once been one of the biggest regional Mexican players in the region. Now, it is being sold to an Asian broadcaster who intends to keep the facility ethnically focused.
In a sale priced at $6 million, the newly formed KLOK Media Inc. has purchased its namesake AM – KLOK-AM 1170 in San Jose, Calif., from Universal Media Access – KLOK-AM.
Previously known as Principle Bay Area Holding Company, Universal Media Access acquired KLOK in June 2009 for $7.65 million.
An escrow payment of $300,000 has been made to Universal’s escrow agent, Dan J. Alpert Esq.
With the sale, the buyer intends to move the main studio of KLOK, with such a move set to occur either in Q1 or Q2 2017.
There was no broker involved in this transaction.
KLOK presently operates under a Construction Permit authorizing 50kw by day and 9kw at night, from 4 towers. The station enjoys a city-grade signal over the San Francisco-Oakland-San Jose DMA and much of the Monterey-Salinas DMA. It can also be heard across the northern San Joaquin Valley and across Wine Country.
The sale price is diminutive compared to an August 2005 deal in which Entravision sold KLOK, with KBRG-FM, to Univision. The price of that asset sale for cash: $90 million.
In other TRANSACTIONS TODAY for Jan. 19, 2017
- Family Life Broadcasting is selling Class A WILP-FM 98.1 in Cuba, Ill., to Spoon River Media for $30,000. A $6,000 escrow deposit has been made to the seller. There is no broker involved in the sale of WILP, which covers an area southwest of Peoria, Ill., that includes the town of Havana. Spoon River has begun operating WILP via a Time Brokerage Agreement with Family Life, an Arizona corporation.
- Class A KVNT-AM 1020, an Anchorage, AK-area station licensed to the city of Eagle River, has been returned to the estate of Chester Coleman, headed by Executrix Ruth Pollack. This is due to a default of a $400,000 promissory note agreed to by the intended buyer, Alaska Integrated Media. With its return to the trust, Pollack has signed off on KVNT’s sale to Christian Broadcasting for a total price of $221,000; some $7,000 is tied to “certain equipment.” Approximately $180,000 was owed under the promissory note, in addition to personal property taxes.
- Forever Media Inc. has completed the sale of a broadcast tower in Franklin, Penn., to CTI Towers. CTI owns or operates more than 500 towers in 39 states and is backed by Comcast Ventures. Forever is led by Kirby Confer and Donald Alt; CTI is headed by Tony Peduto. Michael J. Bergner of Bergner & Co. was the exclusive broker in this transaction.
