The owner of an AM radio station offering conservative Talk radio programming to the Fresno market has agreed to expand through the purchase of another AM property.
It happens to be a station that has in recent years been linked to Radio Mirchi, a South Asian operator that acquired the station in mid-2015 for $750,000.
Charanjit S. Batth, the majority equity interest holder in Akal Broadcasting Corp., has agreed to sell KQEQ-AM 1210 in Fowler, Calif., to Moreno Equities.
KQEQ is a Class B facility with a directional daytime signal of 5kw from 3 towers. At night, it uses 1 tower for a 370 watt signal covering greater Fresno.
For Batth’s group, the station is being sold at a loss, with a $200,000 purchase price agreed to.
Terms see Moreno, which is 90% controlled by Lisa Moreno and 5% controlled by Estere Moreno, a Latvian citizen, making a $60,000 wire transfer as a deposit. The remainder will be honored via a Promissory Note honored by Moreno Equities, which also sees a 5% equity interest from Guillermo Moreno. The Note carries a five-year term with an annual interest rate of 8%. Monthly payments of $2,838.70 were agreed to.
Serving as the legal counsel in this transaction is Mary O’Connor of Wilkinson Barker Knauer.
From 1962-1989, the station was KLIP-AM, and owned by Morris Mindel until his 1977 death.
