The Estate of Michael Petrizzo, the force behind KCOH Inc., is selling the assets its Houston AM station to La Promesa Foundation and donating the license. The transaction will increase La Promesa’s Texas footprint.
Thomas F. Petrizzo is the executor signing off on the deal for the seller.
La Promesa is headed by Leonard J. Oswald and will operating the station as a noncom once it takes over.
The ultimate value of the deal will be $2.766M. The asset portion amounts to $2.141M of that, including a $100K escrow deposit, $1.4M in cash at closing and a note for $641K.
The seller with donate the license, which carries an appraised value of $625K.
La Promesa will get the station’s three tower array, calls and other assets, but will receive only a lease on the other real estate, with an option to purchase.
KCOH is a Class B on 1430 kHz with 5 kW-D, 1 kW-N, DA2. It puts a good signal over the city. It is currently an Urban Talk outlet.
La Promesa is primarily a Texas operation with AMs, FMs, translators and CP holdings. It also has an AM in Alabama, an FM translator in New Mexico and LMAs an AM in Maryland in a suburb of Washington DC.