For 94 years, a Class B AM with a daytime signal reaching Omaha and Lincoln, Neb., and even as far as Des Moines and Kansas City, has been held by the May family. In fact, the station’s call letters, and its FM sibling, reflect that longtime ownership.
An agreement has been struck that will eventually bring those family ties to this AM-FM combo based in far-southwest Iowa to an end.
A local group of individual investors are buying the operation, and new details emerged with a Form 314 filing with the Commission.
In an asset purchase agreement dated Sept. 17, KMA Broadcasting is selling KMA-AM 960 in Shenandoah, Iowa, and 100kw Class C1 KMA-FM 99.1 in Clarinda, Iowa.
The buyers have formed KMALAND Broadcasting LLC, and that will be entity receiving the heritage radio stations.
They are paying $2.9 million for the AM-FM combo. The full payment is due in cash at closing. Bank Iowa is funding “the majority of the purchase price.”
A tower lease extension is being negotiated by the May family, which would give the buyers full rights and obligations to use the site managed by GCGI Development LLC.
KMA signed on the air in 1925, founded by Earl May, with Farm news and early country and western music. Today, descendant Ed May Jr. oversees the stations, as President, with a Full Service format and classic hits in place.
In an advertiser letter, distributed a day after a “state of the station” discussion with staff, Ed May Jr. explained that as he is turning 65 years old, he wishes to spend more time traveling and enjoying his family.
None of his three children are interested in continuing the family business.
Importantly, local owners will carry on the KMA heritage and programming; May told staff members Sept. 20 that it was important that local individuals bought the station, rather than “a major broadcasting conglomerate.”
In the advertiser letter, May said, “We have worked hard over the years to be of service to our rural communities which we call ‘KMAland.’ Whoever we would sell to needs to understand this relationship, and how our part of the country lives and works. Fortunately, we have been able to connect with a local group of investors who fully understand these important issues.”
KMALAND Broadcasting LLC is comprised of four local couples and one individual:
Jake & Pam McGargill, of Imogene
James & Melonie Doyle, of Randolf
Bill & Pam Ditmars, of Shenandoah
Gregg Connell & Nancy Maher, of Shenandoah
Judith Wischik, of Shenandoah
In a group statement, the KMALAND members said they are “both excited and humbled” by their pending purchase of KMA Broadcasting. “We are excited about retaining local ownership of KMA Broadcasting and humbled by the responsibility of maintaining the great tradition that has been KMA for the last 94 years,” they said. “As local residents of the KMA listening area, we believe that KMA is part of the fabric of who we are. Ed could have sold KMA to an outside ownership group for more money and a quicker transaction, but in the tradition of the May family community comes first.”
Closing is expected to occur in late November.
