In recent years, a Minnesota-based nonprofit corporation tied to a private evangelical Christian college has emerged as a buyer. Now, it’s at it again, as it has signed off on an Asset Purchase Agreement that will deliver it some 15 FM radio stations, eight FM translators and six Construction Permits.
The agreement, signed on March 14 and filed in the FCC’s LMS on Thursday, sees “Spirit FM” parent Lake Area Educational Broadcasting Foundation, a charitable trust, sell the properties to University of Northwestern-St. Paul.
The stations they are acquiring are as follows:
A purchase price of $1,250,000 has been agreed upon. A $62,500 escrow deposit is being held by Hardy, Carey, Chautin & Balkin, the Louisiana-based law firm.
Northwestern President Dr. Corbin Hoornbeek said, “The acquisition of Spirit FM expands our ministry and reach across the state of Missouri. This represents an exciting and strategic opportunity to continue reaching the hearts and minds of listeners and leaders, while shaping and influencing culture through media for years to come.”
Lake Area Educational Broadcasting President Jim McDermott added, “I am excited that we are able to work with Northwestern Media to ensure Spirit FM will continue to connect listeners to God and each other. I’m confident that the legacy of Spirit FM-KCVO will live on.”
Northwestern Media presently operates 81 signals across 11 states.
