At Noon PT on March 17, KFMB-AM 760 in San Diego concluded its run as an News/Talk station under TEGNA ownership and, before that, as a Midwest Television-owned property.
The station effectively became an iHeartRadio Talker, via an LMA. While local management was coy regarding an all-out purchase, a Form 314 filing posted Monday by the FCC confirms the buy in a deal brokered by Kalil & Co.
How much is iHeart paying for the station?
A $1.2 million payment is being made to Local Media San Diego, the entity immediately handing off the unique Class B, with 5kw during daylight hours from 1 tower and 50kw at night from 3 towers, following its acquisition from TEGNA.
It puts the value of KFMB-AM at $3.8 million, as TEGNA sold the combo for $5 million — a valuation that was an eye-turner for some brokers who spoke confidentially with RBR+TVBR about how low the price was for the stations.
A $240,000 escrow deposit has been made by iHeart, with Kalil & Co. representing LMSD in this transaction.
LMSD’s legal counsel is Nancy Victory of DLA Piper US; Doc Bodensteiner at Wilkinson Barker Knauer assisted iHeart in-house counsel Christopher Cain.
With KFMB-AM, iHeart will now have a group of stations in San Diego comprised of three AMs and five FMs. The station group includes Sports KLSD-AM, branded as “XTRA Sports 1360”; Talk KOGO-AM; Hot Adult Contemporary KMYI-FM; Rock KIOZ-FM; Top 40 KHTS-FM “Channel 93.3”; Urban KSSX-FM “95.7 KISS FM”; and Classic Rock KGB-FM.
RBR+TVBR on Dec. 17, 2017 noted that TEGNA paid $325 million for the television station and the AM/FM pair.
For Local Media San Diego, operations will comprise Z90, 91X and Magic 92.5, all Mexico-licensed stations, and KFMB-FM.
