The paperwork for the sale of KPLU-FM has made it to the FCC.
Readers may recall Pacific Lutheran University was originally going to sell the station to University of Washington-licensed KUOW until community groups protested.
Joseph Cohen is president of Friends of 88.5 FM and Stephen Tan is a director; together, they will lead the organization, according to its bylaws.
The community group is buying the station along with eight other board member — all owning 11% of the company.
The sale includes KLU plus a combination of eight translators, two “satellite” stations and one construction permit for an additional translator in Ariel, Washington. The Friends group wants to continue operating KPLU out of its current main studio in Tacoma.
Both the university and the Friends group agree it qualifies as an alternative community buyer that matched the earlier offer from KUOW and is a qualified buyer, according to the paperwork. The friends group had seven months to raise the money and did it in six.
The friends group has asked the FCC for a waiver as a non-commercial group so it can continue to operate KVIX, Port Angeles and KPLI, Olympia as satellite stations of KPLU without a main studio.
The total price is $8 million with $1 million in the form of underwriting announcements on the station and on social media platforms to be used at the rate of $100,000 per year for 10 years from closing. At closing the buyer will pay $7 million by wire transfer, less a $350,000 deposit.
PLU will fire all the employees before closing and the friends group agrees they will be able to apply for jobs with them, according to the FCC paperwork.
