He has a music corporation, and a food-focused business. But, for many years, he’s been a radio station owner.
Now, this Hispanic market veteran is investing in more radio properties.
Abel de Luna, through his Luna Foods Corporation, has agreed to purchase two AM radio stations and their respective FM translators in Sonoma County, Calif.
The properties are KRRS-AM 1460 and K234DD at 94.7 MHz in Santa Rosa, Calif.; KZNB-AM 1490 in Petaluma, Calif.; and K289AS at 105.7 MHz in Cotati, Calif., and serving Petlauma Rohnert Park.
The seller is Ambrosio Vigil-led California Broadcasting Co., and he’s paying $175,000 for the two-plus-two operation. A 10% escrow deposit has been made by De Luna to CBC.
The escrow deposit will be split in half, with 50% going to The Exline Company and the remainder going to MCH Enterprises Inc. as payment in full for their brokerage services.
The purchase price allocation is $125,000 for the FCC licenses, goodwill and intangible property; and $50,000 for tangible personal property.
Terms of the transaction note that the sale of K273CU by Redwood Empire Stereocasters to Amaturo Sonoma Media Group is still on, only it will not require the buyer to use it as a rebroadcast partner for KZNB. Abel de Luna will not assume Vigil-led CBC’s obligation to pay for the K273CU tower site lease.
Meanwhile, a tower lease agreement for KRRS has been reached between Vigil and De Luna that sees an initial five-year term, at a rate of $1,500 per month, tax inclusive. That said, the land that is presently home to KZNB’s transmission facilities and broadcast tower is for sale on the open market. As such, the seller “does not warrant any continuing availability of access to the site for KZNB-AM post-closing. To the degree there are written or verbal agreements between seller and the owner of the KZNB-AM site, those will be either assigned or set forth in a written understanding at closing.”
Thus, De Luna is agreeing to assume the risk of the continuance and availability of the KZNB-AM tower site.
While highly successful in various non-broadcasting endeavours for decades, De Luna is also known as the individual who served as GSM and Operations Manager for Grupo Radio Centro in Los Angeles from October 2012-October 2015, when it owned KXOS-FM 93.9 (today KLLI).
